Oil prices were steady on Friday, but on track for a fall of up to 5% for the week on growing concern that fuel demand will weaken as the spread of a respiratory virus from China that has killed 25 so far dents travel and darkens the economic outlook.
Brent crude futures (LCOc1) were 4 cents lower to $62 a barrel by 0225 GMT, its lowest since Dec. 4, after falling 1.9% the previous session. For the week, Brent is down 4%.
U.S. West Texas Intermediate futures (CLc1) were down by 1 cent to $55.58 a barrel, its lowest since Nov. 29. The contract fell 2% on Thursday and is 5% lower for the week.
Crude inventories fell 405,000 barrels in the week to Jan. 17, government data showed, less than analysts' expectations in a Reuters poll for a 1 million barrel drop.