Oil slides as spike in COVID-19 cases outweigh vaccine news

19.11.2020 - Davydova Maria
Oil slides as spike in COVID-19 cases outweigh vaccine news

Oil futures slid on Thursday, slashing yesterday’s gains as a spike in coronavirus infections and stricter lockdowns globally offset fears over fuel demand and outweighed positive vaccine news. 

Brent crude futures fell 0.4%, or 17 cents, at $44.17 per barrel following a 1.4% gain on the previous day. U.S. West Texas Intermediate crude dropped 0.7%, or 29 cents, at $41.53 per barrel after gaining 1% on Wednesday.

U.S. coronavirus death toll exceeded 250,000 on Wednesday, while Australia reported a highly contagious virus strain that prompted a state-wide lockdown. 

Fears about economic damage outweighed positive news from Pfizer and BioNTech seeking U.S. and European authorization for their COVID-19 vaccines.

U.S. crude stockpile climbed 768,ooo barrels last week, less than analysts’ expectations for a 1.7 million-barrel rise. Distillate inventories, including diesel and heating oil, dropped by 5.2 million barrels. 

OPEC and its allies are set to meet on Nov. 30 and Dec. 1 to discuss output policy. The group is leaning toward maintaining the current 7.7 million bpd cut until January. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?