Oil slumps as COVID-19 cases surge - GulfToday

Oil slumps as COVID-19 cases surge

Crude-Oilfields

Picture used for illustrative purpose. File

Gulf Today Report 

Oil futures fell on Thursday after it gained on Wednesday as the increase in coronavirus cases and new restrictions decrease fuel demand.

Brent crude futures lost 17 cents, or 0.4%, to $44.17 a barrel by 03:45 GMT, after gaining 1.4% on the previous day. US West Texas Intermediate crude declined 29 cents, or 0.7%, to $41.53 a barrel, having risen nearly 1% on Wednesday. 


READ MORE 

Oil prices soar as market awaits OPEC+ decision

Gold slumps as vaccine development make a headway

Global stocks take a hop on upbeat news about vaccines


 According to Kazuhiko Saito, chief analyst at Fujitomi Co, the increase in coronavirus cases and new restrictions imposed in the United States and other parts of the world would affect fuel demand.

With the surge in cases, the effect on the economy outweighs the news of Pfizer and BioNTech vaccine being more than 90% effective. 

OPEC+ is set to have a full ministerial meeting on Nov.30 and Dec.1 to restrategize on policies

 

Related articles