Oil slips on quiet trade due to supply worries, vaccine doubts

27.11.2020 - Kulakov Vladimir
Oil slips on quiet trade due to supply worries, vaccine doubts

Oil prices fell on Friday in subdued trade amid the U.S. Thanksgiving holiday and worries about oversupply. Doubts about a successful vaccine putting an end to the coronavirus pandemic also weighed on prices.

Brent crude slid by 10 cents to $47.70 per barrel following a 1.7% fall overnight. U.S. West Texas Intermediate dropped 1.9%, or 86 cents, at $44.85 per barrel. Both contracts rose nearly 6% this week.

AstraZeneca said that its COVID-19 vaccine could be up to 90% effective, joining two other vaccine developers reporting successful trial results. 

Meanwhile, OPEC and its allies including Russia are considering delaying a planned 2 million bpd increase in production by at least three months starting from January. The group’s ministerial committee is set to meet on Monday.

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