Oil falls on surging virus cases

LONDON:

Oil prices slipped on Monday as the positive impact from Covid-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China. Brent crude fell 59 cents, or 1.2%, to $48.66 a barrel by 1449 GMT. US crude was down $0.58, or 1.3%, at $45.68. “Surging virus cases and a Reuters report signalling the United States is preparing new sanctions on Chinese officials ... outweighed the positive sentiment driven by vaccine news,” said Hussein Sayed, chief market strategist at FXTM. Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials.

Published in The Express Tribune, December 8^th, 2020.

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