Oil slumps as COVID-19 cases surge

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. 

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 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