Oil falls as renewed lockdowns counter Covid-19 vaccine hopes
Oil prices fell on Tuesday as worries over near term fuel demand in coronavirus-hit Europe and the United States haunted the market after an overnight surge driven by encouraging news on a Covid-19 vaccine.
US West Texas Intermediate (WTI) crude futures fell 55 cents, or almost 1.4%, to $39.74 a barrel by 0545 GMT, while Brent crude futures fell 44 cents, or 1%, to $41.96.
Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech said an experimental Covid-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.
