NEW YORK: Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude settled down 14 cents to US$44.20 a barrel. U.S. West Texas Intermediate crude slipped 8 cents to settle at $41.74 a barrel. (File pic shows a refinery in the US.)
NEW YORK: Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude settled down 14 cents to US$44.20 a barrel. U.S. West Texas Intermediate crude slipped 8 cents to settle at $41.74 a barrel.
The Brent price contango , a market structure in which near-month barrels are cheaper than those in later months, implying current oversupply, was at its shallowest in more than four months. This suggests concerns about a glut are easing.
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