Oil Prices Settle Lower but Record Weekly Gains

Oil prices settled lower on Friday, narrowing its weekly gains, amid concerns over the recovery of the demand and a second wave of the coronavirus (COVID-19) pandemic.

Brent crude futures for October delivery finished lower by 0.4% at $44.80 per barrel, but gained 0.9% for the week.

Meanwhile, the West Texas Intermediate (WTI) futures for September delivery declined by 0.5% to close at $42.01 per barrel, logging a 1.9% weekly gain.