Oil falls after prices hit nine-month high as COVID-19 cases stoke demand

Oil prices slid on Friday, just below the nine-month highs hit overnight as rising coronavirus cases weighed on fuel demand and U.S. lawmakers debated over a $900 billion economic aid package.

U.S. West Texas Intermediate crude futures fell 0.1%, or 7 cents, at $48.29 per barrel. Brent crude futures dropped 0.3%, or 13 cents, at $51.37 per barrel. 

Both benchmarks rose on Thursday, boosted by progress on a coronavirus relief bill and a decline in the U.S. dollar. Experts said risk appetite grew as U.S. lawmakers near a coronavirus relief aid, which would boost fuel demand.

OPEC+ plans to add 500,000 bpd of supply to the market in January as the organization aims to gradually return to pre-pandemic supply levels.