investing.com 18 Dec, 2020 04:45 am

Oil slips in breather after run to 9-month high as COVID-19 surge stokes demand fears By Reuters

Oil slips in breather after run to 9-month high as COVID-19 surge stokes demand fears

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County By Sonali Paul MELBOURNE (Reuters) - Oil prices eased on Friday but stayed within touching distance of nine-month highs hit overnight as soaring COVID-19 cases weigh on fuel demand and U.stimulus deal, which would help fuel demand, but lawmakers had yet to reach an agreement late on Thursday.Oil Down, Rise in COVID-19 Cases Leads to Fuel Demand Worries p By Gina Lee Investing.com – Oil was down on Friday morning in Asia, with ever-rising numbers of COVID-19 weighing on fuel demand and the U.

"We think markets are still overlooking the near-term demand pressures of rising COVID-19 cases and COVID-19 restrictions in the U."While rising consumption in Asia and demand hopes linked to a COVID-19 vaccine may help oil prices above this range ($50-$60 a barrel), we think OPEC+ sits on enough spare oil capacity to keep any surge in oil prices in check," Dhar said.

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