Oil slips amid surging virus cases and U.S.-China tensions
By Stephanie Kelly NEW YORK (Reuters) - Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news 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 16 cents to $49.09 a barrel by 11:17 a.m. EST (1617 GMT)
By Stephanie Kelly
NEW YORK (Reuters) - Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news 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 16 cents to $49.09 a barrel by 11:17 a.m. EST (1617 GMT). U.S. crude fell 18 cents to $46.08 a barrel.
Both oil contracts gained around 2% last week after OPEC+, comprising of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, agreed to increase output slightly from January but continue the bulk of existing supply curbs.
"The beginning of this week is like the morning hangover following a good night out that went a bit too far," said Bjornar Tonhaugen, head of oil markets at Rystad Energy. "With the OPEC deal in the bag, now traders looked back at fundamentals, demand and supply, and they were forced to come back to earth as things are not looking good in the short-term."
Prices also were under pressure after Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing's disqualification of elected opposition legislators in Hong Kong.
Rising tensions between the United States and China, the world's top oil consumers, have weighed repeatedly on the market in recent years.
Meanwhile, a surge in coronavirus cases globally has forced a series of renewed lockdowns, including strict new measures in the U.S. state of California and in Germany and South Korea.
U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, OPIS said, as lockdowns weighed on fuel consumption.
Elsewhere, Iran has instructed its oil ministry to prepare installations for the production and sale of crude oil at full capacity within three months, state media said on Sunday.
"Adding to the pressure on oil prices is the potential Iranian increase to production in three months," said Edward Moya, senior market analyst at OANDA. "Iran is optimistic the U.S. will ease restrictions if they return back to the 2015 nuclear deal."
(Reporting by Stephanie Kelly in New York; additional reporting by Bozorgmehr Sharafedin in London and Jessica Jaganathan in Singapore; Editing by Marguerita Choy and Ed Osmond)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
DAKAR (Reuters) - More than 20 people, including children, were killed in an airstrike during a wedding ceremony in central Mali on Sunday, a health worker with knowledge of the attack told Reuters. (Reporting By Edward McAllister; Editing by Aaron Ross)
By Estelle Shirbon and Natalie Thomas LONDON (Reuters) - Britain began its third COVID-19 lockdown on Tuesday with the government calling for one last major national effort to defeat the spread of a virus that has infected an estimated one in 50 citizens before mass vaccinations turn the tide. Finance minister Rishi Sunak announced a new package of business grants worth 4.6 billion pounds ($6.2 billion) to help keep people in jobs and firms afloat until measures are relaxed gradually, at the earliest from mid-February but likely later
By Dominique Vidalon and Sudip Kar-Gupta PARIS (Reuters) - France is stepping up its COVID-19 vaccine rollout by widening the first target group to include more health workers and simplifying a cumbersome process to deliver shots more quickly, Health Minister Olivier Veran said on Tuesday. France's inoculation campaign got off to a slow start, hampered in part by red tape and President Emmanuel Macron's decision to tread warily in one of the world's most vaccine-sceptical countries. France has fallen behind neighbours such as Britain and Germany, and the president is now demanding the vaccination programme be expedited