Oil steady as virus infections rise but hopes for vaccine lends support

NEW YORK: Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.

Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel by 11:34 a.m. ET (1534 GMT), while US West Texas Intermediate (WTI) was up 1 cent at $40.60.

“As things stand, prices are not likely to produce any sizeable gains very soon, until a signal that the pandemic slows down,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

“Even though in Europe the virus has been cornered, the Americas and some Asian states still have a long way to go.”