Oil prices edged up after a steep drop in US crude inventories, but another record day for COVID-19 cases worldwide kept gains in check

Oil rose, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia

Brent crude futures fell 15 cents to $43.22 a barrel. US West Texas Intermediate (WTI) crude dropped 5 cents to $40.70. Both contracts were on track to remain broadly flat over the week

Oil prices edged lower amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand

Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure

Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel