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 76 cents, or 1.5%, to $48.49 a barrel by 0911 GMT. US crude was down 82 cents, or 1.8%, at $45.44.
“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.
