Oil dips on rise in U.S. coronavirus cases

Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.

Brent crude LCOc1 futures were 34 cents lower at $40.72 at 11:12 EST (1512 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 56 cents at $38.16.