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Oil prices steadied on Tuesday, stuck in narrow ranges as investors pinned hopes on fuel demand recovery amid renewed lockdowns due to rising coronavirus cases.
Prices were supported by positive news on vaccine development as medical institutions rushed to counter the worst health crisis in a century.
Brent futures gained 0.4%, or 15 cents, at $43.43 per barrel, while U.S. West Texas Intermediate rose 2 cents to $40.83 per barrel. Both benchmarks have traded within a $2 channel this month.
In China, some cinemas reopened after closing for six months, raising hopes that the country is recovering from the pandemic.
Still, many countries such as the United States and India are reporting record rises in infections, while Spain and Australia are trying to curb a resurgence of the virus.
Global coronavirus infections rose to 14.6 million people with a death toll of 606,979.
Positive results from the early trials of two COVID-19 vaccines lifted confidence that a vaccine will be released soon.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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