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 76 cents, or 1.5%, to $48.49 a barrel by 0911 GMT. US crude was down 82 cents, or 1.8%, at $45.44.
“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.
Comments