Oil is falling on demand concerns

Oil prices fell today, Friday, in quiet trading due to the Thanksgiving holiday in the United States, as they decreased amid fears of an increase in supply and doubts about the possibility of eliminating a vaccine against the Corona virus pandemic.Brent crude was down ten cents at 0602 GMT, at $ 47.70 a barrel, after losing 1.7% overnight. U.S. West Texas Intermediate crude fell 86 cents, or 1.9 percent, to $ 44.85 a barrel.
US crude prices were not settled on Thursday due to the holiday, according to “Reuters”.

Both benchmarks rose nearly 6 percent this week after AstraZeneca announced earlier this week that its Covid-19 vaccine could be up to 90 percent effective, adding to the results of successful trials of two other vaccines being developed as part of the war to end the worst. Pandemic in a century.

But questions have been raised about the so-called “vaccine for the world”, as a number of scientists have expressed doubts about the strength of the experimental results.

“Given that much of the oil rally in November was built on expectations, sentiment, and quick speculation that were not based on fundamentals, some correction is long overdue,” said Jeffrey Haley, chief market analyst at Oanda.

Three sources close to OPEC + told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, within the framework of the “OPEC +” group, tend to postpone the planned increase in oil production next year.