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.