Oil steady as vaccine news counters rise in coronavirus cases, fuel demand
Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.
Prices were offered some support by positive news on the development of vaccines as drugmakers and medical institutions rush to find a way to counter the world’s worst health crisis in a century.
Brent futures were up 15 cents, or 0.4 per cent, at $43.43 by 0117 GMT, while West Texas Intermediate (WTI) edged up 2 cents to $40.83.
The closing prices of both Brent and WTI have traded within a $2 channel so far this month.
