Oil slumps as vaccine doubts increase
- 27 Nov 2020
Gulf Today Report
Oil prices fell on Friday as the US observes thanksgiving and markets having doubts about vaccine.
Brent crude was down by 10 cents at $47.70 by 06:02 GMT, having fallen 1.7% overnight. West Texas Intermediate was down by 86 cents, or 1.9%, at $44.85.
US crude prices did not settle on Thursday due to the holiday.
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Earlier in the week, AstraZeneca announced its COVID-19 vaccine is 70% effective and could amount to 90%. That has helped both benchmarks to jump about 6% this week.
Jeffrey Halley, senior market analyst at OANDA said: "with much of oil's rally in November built on expectation, sentiment and speculative fast money, some sort of correction was long overdue."
OPEC+ are likely to stall January’s scheduled increase in oil output.
