Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.

Fuel demand has broadly recovered from a 30% drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases are falling again as infections rise.

Brent crude futures LCOc1 fell 23 cents a barrel to settle at $43.14 per barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 16 cents to $40.59. Both contracts were little changed from a week earlier.

It will be reminded that Benchmark crude fell 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.