Oil near $44 with tighter virus measures, OPEC+ cracks appearing

Oil fluctuated near a two-month high after US coronavirus restrictions tightened and cracks emerged in the united front presented by OPEC+.

Futures slid 0.2% in London after bouncing between gains and losses. New York City said it would shut schools to stem rising infections, while road use in Europe continued to tumble as lockdowns remained in place across the region. That put pressure on profits from making gasoline on both sides of the Atlantic.

The shaky demand picture poses a challenge to the Organization of Petroleum Exporting Countries and its allies as they struggle to manage the market. The United Arab Emirates tried to ease a spat with its OPEC+ partners on Thursday, after officials privately questioned the benefit of its membership of the group.