2021.07.3010:35:00UTC+00Oil Edges Lower In Cautious Trade

Oil prices fell slightly on Friday but were on track to post weekly gains on hopes that demand will growth faster than supply despite a resurgence in COVID-19 infections across the globe.

Brent crude futures for October delivery were down 0.4 percent at $74.84 per barrel while U.S. West Texas Intermediate (WTI) crude futures for September settlement were down 0.4 percent at $73.33 a barrel.

Despite signs of rising coronavirus cases in the United States, Asia and parts of Europe, there is confidence that higher vaccination rates would help demand grow faster than supply.

Analysts also point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.

Top oil exporter Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, tracking the strength in Middle East benchmarks, Reuters said, citing trade sources.