Oil prices were broadly stable in early US trading, as expectations of stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surged, while major crude producers prepared to lift output.
Brent crude futures fell 15 cents to $43.22 a barrel by 1350 GMT. U.S. West Texas Intermediate (WTI) crude dropped 5 cents to $40.70. Both contracts were on track to remain broadly flat over the week.
The United States reported at least 75,000 new COVID-19 cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months, while cases continued to soar in India and Brazil.
Meanwhile, lawmakers in the United States and in the European union are set to debate the next tranches of economic stimulus programmes over the coming days.
The benchmark crudes had fallen 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd, starting in August.
