Oil mixed as rally falters over supply concerns

29 November, 2020 12:00 AM printer

TOKYO: Oil prices were mixed on Friday in quiet trade due to the US Thanksgiving holiday, with West Texas Intermediate (WTI) dropping more than 1per cent amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.

WTI was down by 69 cents, or 1.5per cent, at US$45.02 by 0104 GMT. U.S. crude prices did not settle on Thursday due to the holiday. Brent crude was up by 9 cents at US$47.89, having fallen 1.7per cent overnight, report agencies.

Both benchmarks have risen about 6per cent this week, after AstraZeneca earlier announced that its COVID-19 vaccine could be up to 90per cent effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century.