Oil Steady As Supply Cuts Offset Demand Worries On Stalled Vaccine Rollouts

MELBOURNE (Reuters) – Oil prices were mixed on Friday as a pending supply cut by Saudi Arabia and lower U.S. oil stocks helped counter risks of slowing fuel demand due to stalled vaccine rollouts and contagious new coronavirus strains.

U.S. West Texas Intermediate (WTI) crude futures slipped 3 cents to $52.31 a barrel at 0151 GMT, after falling 1.0% on Thursday.

Brent crude futures for March rose 14 cents, or 0.3%, to $55.67 a barrel, after falling 0.5% in the previous session.

The Brent March contract expires on Friday. The more active April contract rose 11 cents, or 0.2%, to $55.21. Read more…..


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In this edition of “Futures in Focus,” Brenda Shaffer, professor at the U.S. Naval Post Graduate School, says she expects the volatility in oil prices to continue. She speaks on “Bloomberg Markets.”

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