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TOKYO – Oil prices were mixed on Friday in calm trading due to the Thanksgiving holiday in the United States, with West Texas Intermediate (WTI) falling more than 1% amid concerns over oversupply and doubts about a vaccine to end the coronavirus pandemic.
WTI was down 69 cents, or 1.5%, to $ 45.02 at 0104 GMT. U.S. crude prices did not stabilize on Thursday due to the holidays. Brent rose 9 cents to $ 47.89, after falling 1.7% overnight.
The two benchmarks rose about 6% this week, after AstraZeneca earlier announced that its COVID-19 vaccine could be up to 90% effective, adding to the results of the successful trials of two others in development course in the fight to end the worst pandemic in a century.
OPEC WARNS NEW WAVE OF CORONAVIRUS WILL MEET DEMAND FOR OIL
But questions have been raised about the so-called “vaccine for the world” as several scientists have expressed doubts about the robustness of the trial results.
“It looks like some profit taking is finally kicking in … as we get closer to the end of the week,” Craig Erlam, senior market analyst at OANDA.
Oil prices were mixed in quiet trading on Friday due to the Thanksgiving holiday in the United States, as West Texas Intermediate (WTI) fell more than 1% amid oversupply concerns and doubts on a vaccine to end the coronavirus pandemic. Photographer: Jas
Still, “with WTI above $ 45 and Brent hitting $ 49, it looks like crude is going through the worst of its post-summer problems,” he said.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, which make up the OPEC + grouping, tend to delay the expected increase in oil production next year, three sources said. close to OPEC +.
OPEC + planned to increase production by 2 million barrels per day (b / d) in January – about 2% of global consumption – as it works to reduce record cuts in supply this year.
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But the increase in Libyan production is contributing to concerns about oversupply in the market, as many people ignore foreclosure advice and travel.
Nearly 6 million Americans took plane trips Friday through Wednesday before the Thanksgiving break because they ignored advice from the Centers for Disease Control to stay home, the US Transportation Security Administration said.
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