Oil prices were lower on Friday, amid uncertainties over global economic recovery after the Federal Reserve Chair Jerome Powell warned of downward risks to employment and inflation in the US during his virtual speech Thursday at Jackson Hole Symposium. Sentiment was also weighed down by rising COVID-19 cases and virus reinfections in Asia and Europe. Meanwhile, Reuters reported that major storms have passed the US oil industry in Louisiana and Texas without causing any widespread damage to refineries. At around 03:15 AM GMT, WTI crude fell 0.2% to $42.97 a barrel, while Brent crude was down nearly 0.1% to $45.04 a barrel. For the week, the US benchmark is on track for the fourth weekly gains, while the global benchmark is set to rise 1.6%.