Oil cools off highs as leaders' comments reignite Covid-19 fears

Brent still trading near three-year high; WTI set for ninth weekly gain

Oil traded just below multi-year highs on Friday as Germany's chancellor and the US Federal Reserve chairman said that demand disruptions from Covid-19 may not be over.

Brent crude futures rose 76 cents, or 0.89%, to $85.36 a barrel at 2:14 p.m. EST (1714 GMT) after Thursday's three-year high of $86.10. The benchmark is set for its seventh weekly gain.

U.S. West Texas Intermediate (WTI) crude futures gained $1.13, or 1.4%, to reach $83.63 a barrel, not far off a seven-year high hit this week. The grade is heading for its ninth weekly rise.

"Supply is still very, very tight, the market is