Oil steady as virus infections rise but hopes for vaccine lends support
Oil prices were little changed on Monday as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.
Brent crude LCOc1 settled up 14 cents, or 0.3%, at $43.28 per barrel, while U.S. West Texas Intermediate (WTI) CLc1 rose 22 cents, 0.5%, to $40.81.
“As things stand, prices are not likely to produce any sizeable gains very soon, until a signal that the pandemic slows down,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.
“Even though in Europe the virus has been cornered, the Americas and some Asian states still have a long way to go.”
More than 14.5 million people have been infected by the novel coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters tally.
Prices found support after three groups said their potential vaccines showed promising results.
Reference: Reuters
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