<p>Oil prices fell on Friday, pressured by fears about a slow recovery in the global economy and fuel demand due to rising coronavirus infections, but hopes for a vaccine kept the market on track for a second straight weekly gain.</p>.<p>Brent crude was down 36 cents, or 0.83%, at $43.17 a barrel as of 1143 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 48 cents, or 1.17%, to $40.64 a barrel.</p>.<p>For the week, both were headed for a surge of about 9%.</p>.<p>U.S. government data also added pressure, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.</p>.<p>"In essence, some of the feel-good factor from the Pfizer vaccine has worn off and disappointing EIA figures have created a bit of a downward correction," Harry Tchilinguirian, head of commodity research at BNP Paribas, said.</p>.<p>"However, OPEC+ is prepared to tweak its production and we're still waiting for the trial results of other vaccines that may be easier to distribute since they won't need such cold storage."</p>.<p>New coronavirus infections in the United States and elsewhere are at record levels and tightening restrictions to contain the spread have dampened the prospect of a near-term end to the global health crisis.</p>.<p>Hopes were high that a resolution to the pandemic is on the horizon - stoking this week's jump in WTI and Brent contracts - after data showed an experimental Covid-19 vaccine being developed by Pfizer Inc and Germany's BioNTech was 90% effective.</p>.<p>The International Energy Agency (IEA), however, said on Thursday that global oil demand is unlikely to get a significant boost from any roll-out of Covid-19 vaccines until well into 2021.</p>.<p>"Views that it would take time to see any benefit from a Covid-19 vaccine prompted investors to unwind their long positions," said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.</p>.<p>Chart analysis suggests WTI is headed toward $39.50 a barrel, he added.</p>.<p>Analysts say tougher restrictions on mobility to deal with sky-rocketing coronavirus cases mean the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, may hesitate to implement a planned loosening of output curbs agreed in a deal earlier this year.</p>.<p>Algeria's energy minister said this week that OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if required.</p>
<p>Oil prices fell on Friday, pressured by fears about a slow recovery in the global economy and fuel demand due to rising coronavirus infections, but hopes for a vaccine kept the market on track for a second straight weekly gain.</p>.<p>Brent crude was down 36 cents, or 0.83%, at $43.17 a barrel as of 1143 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 48 cents, or 1.17%, to $40.64 a barrel.</p>.<p>For the week, both were headed for a surge of about 9%.</p>.<p>U.S. government data also added pressure, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.</p>.<p>"In essence, some of the feel-good factor from the Pfizer vaccine has worn off and disappointing EIA figures have created a bit of a downward correction," Harry Tchilinguirian, head of commodity research at BNP Paribas, said.</p>.<p>"However, OPEC+ is prepared to tweak its production and we're still waiting for the trial results of other vaccines that may be easier to distribute since they won't need such cold storage."</p>.<p>New coronavirus infections in the United States and elsewhere are at record levels and tightening restrictions to contain the spread have dampened the prospect of a near-term end to the global health crisis.</p>.<p>Hopes were high that a resolution to the pandemic is on the horizon - stoking this week's jump in WTI and Brent contracts - after data showed an experimental Covid-19 vaccine being developed by Pfizer Inc and Germany's BioNTech was 90% effective.</p>.<p>The International Energy Agency (IEA), however, said on Thursday that global oil demand is unlikely to get a significant boost from any roll-out of Covid-19 vaccines until well into 2021.</p>.<p>"Views that it would take time to see any benefit from a Covid-19 vaccine prompted investors to unwind their long positions," said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.</p>.<p>Chart analysis suggests WTI is headed toward $39.50 a barrel, he added.</p>.<p>Analysts say tougher restrictions on mobility to deal with sky-rocketing coronavirus cases mean the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, may hesitate to implement a planned loosening of output curbs agreed in a deal earlier this year.</p>.<p>Algeria's energy minister said this week that OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if required.</p>