Oil Price Steady as COVID-19 Cases, Lockdowns Dampen Vaccination News

NEW YORK: Oil prices were little changed on Tuesday as the most populous U.S. state tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements.

Brent crude futures settled at US$48.84 a barrel, gaining 5 cents. U.S. West Texas Intermediate (WTI) crude futures settled 16 cents lower at $45.60 a barrel.

“There’s been this back-and-forth between being concerned about the lockdowns for the next few weeks and the expectations for a vaccine coming sooner than anyone had anticipated, which is giving us support,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Oil prices were buoyed after the world’s first fully-tested COVID-19 vaccine shot was administered to a grandmother in Britain, but investors quickly returned their focus to ebbing fuel demand caused by the pandemic.

A sharp rise in coronavirus cases globally has led to a string of renewed lockdowns, including strict measures in California, Germany and South Korea.

Source: https://www.thestar.com.my/business/business-news/2020/12/09/oil-price-steady-as-covid-19-cases-lockdowns-dampen-vaccination-news

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