Oil steadies amid vaccine news and rising cases

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.