<p>Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new Covid-19 cases surge in several countries just as major producers get set to loosen production curbs.</p>.<p>US West Texas Intermediate (WTI) crude futures rose 1 cent to $40.76 a barrel at 0204 GMT, while Brent crude futures were steady at $43.37 a barrel. Both were still on track to end the week up slightly.</p>.<p>On Thursday, the United States reported at least 75,000 new Covid-19 cases, a new daily record. Spain and Australia reported their steepest daily jumps in more than two months, cases continued to soar in India and Brazil stepped up lockdown measures.</p>.<p>The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) imposed earlier this year by some 2 million bpd from August.</p>.<p>But actual output additions will be closer to 1.1 million bpd, as countries like Iraq - which overproduced compared with their commitments to cut supply in May through July - agreed to bigger reductions in August and September.</p>.<p>Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said the market took some heart with the agreement for some to compensate for the previous non-compliance with commitments at a time when there is uncertainty over demand growth.</p>.<p>"They're taking those precautions. That gives the market confidence that OPEC+ is looking quite closely at those conditions to make sure they don't push the market in the wrong direction," he said.</p>.<p>Analysts expect the market to remain in the $40-45 a barrel range, with the looming return of some US supply and uncertainty over fuel demand as new lockdowns may be needed to curb the resurgence of Covid-19 cases.</p>.<p>"The problem with the market right now is prices have got to a level where we're concerned US supply is going to come back," Dhar said. </p>
<p>Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new Covid-19 cases surge in several countries just as major producers get set to loosen production curbs.</p>.<p>US West Texas Intermediate (WTI) crude futures rose 1 cent to $40.76 a barrel at 0204 GMT, while Brent crude futures were steady at $43.37 a barrel. Both were still on track to end the week up slightly.</p>.<p>On Thursday, the United States reported at least 75,000 new Covid-19 cases, a new daily record. Spain and Australia reported their steepest daily jumps in more than two months, cases continued to soar in India and Brazil stepped up lockdown measures.</p>.<p>The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) imposed earlier this year by some 2 million bpd from August.</p>.<p>But actual output additions will be closer to 1.1 million bpd, as countries like Iraq - which overproduced compared with their commitments to cut supply in May through July - agreed to bigger reductions in August and September.</p>.<p>Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said the market took some heart with the agreement for some to compensate for the previous non-compliance with commitments at a time when there is uncertainty over demand growth.</p>.<p>"They're taking those precautions. That gives the market confidence that OPEC+ is looking quite closely at those conditions to make sure they don't push the market in the wrong direction," he said.</p>.<p>Analysts expect the market to remain in the $40-45 a barrel range, with the looming return of some US supply and uncertainty over fuel demand as new lockdowns may be needed to curb the resurgence of Covid-19 cases.</p>.<p>"The problem with the market right now is prices have got to a level where we're concerned US supply is going to come back," Dhar said. </p>