Oil dips on demand worries as COVID-19 lockdowns tighten | Reuters
Oil slipped towards $50 a barrel on Tuesday as tighter lockdowns in Europe and forecasts of a slower demand recovery outweighed relief from the roll-out of coronavirus vaccines.
London stepped up pandemic restrictions requiring bars and restaurants to close, Italy is considering more stringent steps over Christmas and Germany is likely to be under lockdown until early 2021.
Brent crude fell 2 cents to $50.27 a barrel at 0910 GMT. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $47.01.
“It seems that the market is facing some kind of reality check as the initial euphoria of vaccine developments is subsiding,” said Tamas Varga of oil broker PVM.
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