Crude Edges Lower as FDA Vaccine Approval Drags, US Congress Deadlocks on Stimulus Bill

New York — Crude futures settled lower Dec. 11 as demand outlooks came under pressure, with US pandemic lockdowns spreading and the US Congress deadlocked on stimulus spending.

Deliberations from the US Food and Drug Administration on whether to grant emergency authorization for the Pfizer-BioNTech vaccine continued Dec. 11, extending for a second day in what many expected to be a swift approval. The UK began administering the Pfizer-BioNtech vaccine Dec. 8.

French pharmaceutical company Sanofi, along with its development partner GlaxoSmithKline, announced Dec. 11 a setback in their COVID-19 vaccine development that would delay first deployment until late 2021.

NYMEX January RBOB settled 89 points lower Dec. 11 at $1.3077/gal, while January ULSD climbed 12 points to settle at $1.4369/gal. Read more…..


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