Oil prices slip as surging COVID-19 cases overshadow vaccine hopes

Oil prices slip as surging COVID-19 cases overshadow vaccine hopes
  • Clock-gray 08:06
  • calendar-gray 19 November 2020

U.S. crude futures fell in early trade on Thursday, giving up some of gains from the previous day as surging COVID-19 cases and widening lockdowns raised fears over fuel demand, offsetting further upbeat vaccine news, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.9%, to $41.43 a barrel by 0039 GMT, after gaining nearly 1% on Wednesday. Brent crude was yet to trade, having risen 1.4% on Wednesday.

“The spread of coronavirus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Co.

“Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month,” he said.

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