Oil declines as COVID-19 cases soar
Picture used for illustrative purpose. File
Gulf Today Report
Oil fell on Friday as COVID-19 cases surge out shadowing fuel demand and US lawmakers prepare for $900 billion economic stimulus package.
US West Texas Intermediate (WTI) crude futures slipped 17 cents or 0.4%, to $48.19 a barrel at 05:13 GMT, while Brent crude futures fell 26 cents, or 0.5%, to $51.24 a barrel.
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The rise in the cases has led to restrictions on travel, thereby affecting fuel demand, said, analysts.
According to analysts risk appetite is growing as investors remain hopeful for a US stimulus deal that would help increase demand.
OPEC+ plans to increase 500,000 barrels per day in January, its first step in returning 2 million bpd to the market.
