Oil prices mixed as surging COVID-19 cases outweigh vaccine optimism | Reuters

Oil prices mixed as surging COVID-19 cases outweigh vaccine optimism | Reuters

Oil futures were mixed on Thursday as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand, outweighing upbeat vaccine news.

Brent crude futures LCOc1 rose 12 cents, or 0.3%, to $44.46 a barrel by 0732 GMT, reversing from an earlier loss. U.S. West Texas Intermediate crude CLc1 slipped 3 cents, or 0.1%, to $41.79 a barrel, paring most of its earlier declines.

Brent rose 1.4% and WTI climbed nearly 1% on Wednesday.

“The spread of coronavirus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Co.

“Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month,” he said.