Oil is Retreating as Rally Recedes But Heading For Weekly Gains

Oil prices fell today, Friday, in quiet trading due to the Thanksgiving holiday in the United States, as they fell amid fears of an increase in supply and doubts about the possibility of eliminating a vaccine against the Coronavirus pandemic.

With the Japanese markets closed, Brent crude fell to $ 47.70 a barrel, after losing 1.7% overnight.

U.S. West Texas Intermediate crude fell 86 cents, or 1.9%, to $ 44.85 a barrel.

US crude prices were not settled on Thursday due to the holiday.

Both benchmarks rose nearly 6% this week after AstraZeneca announced earlier this week that its Covid-19 vaccine could be up to 90% effective, adding to the results of successful trials of two other vaccines being developed as part of the war to end the worst pandemic in a century.

But questions have been raised about the so-called “vaccine for the world”, as a number of scientists have expressed doubts about the strength of the experimental results.

Three sources close to OPEC+ told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, within the OPEC + group, were inclined to delay the planned increase in oil production next year.