Oil prices slipped on Monday as the positive impact from COVID-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.
Brent crude fell 36 cents, or 0.7%, to $48.89 a barrel by 1112 GMT. U.S. crude was down 39 cents, or 0.8%, at $45.87.
“Surging virus cases and a Reuters report signalling the United States is preparing new sanctions on Chinese officials … outweighed the positive sentiment driven by vaccine news,” said Hussein Sayed, chief market strategist at FXTM.
