Oil prices ended lower on Friday, with the market catching its breath after a strong start to the year as the Covid-19 pandemic continues to hover over current and future demand for black gold.

In London, a barrel of Brent North Sea oil for March delivery fell 2.34%, or $1.32, to end at $55.10.

In New York, the US barrel of WTI for the month of February fell 2.26%, or $1.21, to close at $52.36.

Crude prices "look lower after hitting an 11-month high and as the dollar rallies," said Phil Flynn of Price Futures Group.

A more expensive greenback makes the barrel more expensive for investors with other currencies.

In addition, added the specialist, brokers are taking profits before a three-day weekend in the United States: Monday is a holiday in tribute to Martin Luther King.

More fundamentally, “bad news on the coronavirus front is causing uncertainty” among investors, also explained Eugen Weinberg, analyst at Commerzbank.

More than 30 million cases of contamination with the new coronavirus have been officially recorded in Europe, according to a count made by AFP from reports provided by health authorities on Friday.

The resurgence of the virus is also hitting China, which had largely brought the epidemic under control but on Thursday recorded its first death from Covid-19 since May.

"Despite the correction of the last few hours, the scenario remains favorable to oil, which is still placed in a positive long-term movement", nuance Carlo Alberto De Casa, of Activtrades.

In its monthly report published on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) did not revise downwards its forecasts for a rebound in demand this year.

In addition, Joe Biden unveiled a new $1.9 trillion emergency stimulus package on Thursday, supposed to get the United States out of its worst crisis since the 1930s and from which oil demand should benefit.