[ad_1]
© Reuters. FILE PHOTO: Sun shines behind a crude oil pump jack in the Permian Basin of Loving County
By Aaron Sheldrick
TOKYO (Reuters) – Oil prices fell on Friday in quiet trading due to the Thanksgiving holiday in the United States, falling amid concerns about oversupply and doubts about a vaccine to end the pandemic. of coronavirus.
it was down 31 cents, or 0.7%, to $ 47.49 as of 0758 GMT, after falling 1.7% overnight. West Texas Intermediate was down $ 1.02, or 2.2%, to $ 44.69. prices did not stabilize on Thursday due to the holidays.
Both benchmarks are up about 6% this week after AstraZeneca (NASDAQ 🙂 said its COVID-19 vaccine could be up to 90% effective, adding to the successful trial results of two others. developing in the fight to end the pandemic.
But questions have been raised about the “vaccine for the world,” and several scientists have raised doubts about the robustness of the trial results.
“Since much of the oil rally in November was based on expectations, sentiment and hot money, some kind of correction was long overdue,” said Jeffrey Halley, senior market analyst at OANDA.
“A thin market and the OPEC + ministers meeting on Monday appear to have been the precursors for traders to lighten their bullish positioning,” he said.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, that make up the OPEC + group, are leaning toward delaying next year’s planned increase in oil production, three sources close to OPEC + said.
OPEC + planned to increase production by 2 million barrels per day (bpd) in January, about 2% of world consumption, as it moves forward to ease record supply cuts this year. The OPEC + ministers will meet starting Monday.
Increased Libyan production is contributing to concerns about oversupply in the market, as many people ignore closure advice and travel.
Nearly 6 million Americans took air travel Friday through Wednesday before Thanksgiving break as they ignored the Centers for Disease Control’s advice to stay home, the U.S. Transportation Security Administration said. .
Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on the information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading financial markets, it is one of the riskiest investment forms possible.
[ad_2]
