Oil edged lower as near-term demand risks due to a resurgent pandemic tempered optimism over the prospect of imminent vaccine rollouts.
Futures traded near $46 a barrel in New York after falling 1.1% Monday in their first decline in four days. The U.S. is now seeing hospitalizations due to Covid-19 increase by almost 2,000 a day and is averaging about as many deaths as during the first surge of the virus in April.
Iran said it’s preparing to boost oil exports in a sign it expects the White House to ease some sanctions under a Joe Biden presidency, adding another potential supply risk to the market. The U.S., meanwhile, announced fresh sanctions against Chinese officials, worsening the relationship between the world’s two largest economies in another potential threat to energy demand.
