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Oil dips on Covid-19 lockdown worries even though OPEC+ may tighten supply

Brent was down 29 cents, or 0.6%, at $43.53 a barrel by 1444 GMT while US crude was down 27 cents, or 0.6%, at $41.07. Both had been up 40 cents earlier in the session.

crude oil prices

Oil prices rose more than 10% since last week's announcement by Pfizer that its Covid-19 vaccine was more than 90% effective

Oil prices slipped on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand outweighed hopes for a vaccine and the possibility of tighter OPEC+ supply policies.

Brent futures fell 38 cents, or 0.9 per cent, to $43.44 a barrel by 1:52 p.m. EST (1852 GMT), while U.S. crude fell 27 cents, or 0.7 per cent, to $41.07.

On Monday, Brent closed at a 10-week high following Moderna Inc's announcement that its coronavirus vaccine was 94.5 per cent effective. That followed similar news from Pfizer Inc last week.

But the short-term economic outlook remains hazy with

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First Published: Nov 17 2020 | 9:12 PM IST

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