Oil dips as Covid-19 numbers likely to slow demand recovery

London — Oil dipped to about $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, though a pledge from oil cartel Opec member Iraq to cut oil output further in August lent support.

Brent crude fell 13c, or 0.3%, to $44.96 by 8.20am GMT. US West Texas Intermediate crude also slipped 13c to $41.82. “Hopes are still running high for another round of fiscal stimulus,” said Stephen Brennock of oil broker PVM. “Failure to extend aid would deal a massive blow to the recovering US economy and the fragile oil demand outlook.”

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