Oil mixed as rally falters over supply concerns, vaccine doubts

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Oil prices were mixed on Friday in quiet trade due to the U.S. Thanksgiving holiday, with West Texas Intermediate (WTI) dropping more than 1% amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.

FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant

Both benchmarks have risen about 6% this week, after AstraZeneca earlier announced that its COVID-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century. “It seems some profit taking is finally kicking in ... as we ease into the end of the week,” Craig Erlam, senior market analyst at OANDA.

The Organization of the Petroleum Exporting Countries and other producers including Russia that make up the OPEC+ grouping are leaning towards delaying next year’s planned increase in oil output, three sources close to OPEC+ said.

 

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Noticed you moved President Trumps post to place yourselves in the middle!

'Oil mixed as rally falters over supply concerns, vaccine doubts' .... that's such a 2020 headline!! PS i don't understand what the oil has been mixed with ...

thanks for this news

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