Demand For Oil Remains Front of Mind For Investors – 9 November, 2020

Concerns over the future of near term fuel demand caused prices to drop as Europe and the United States see a surge in cases, with some cities reinforcing lockdown rules in an effort to contain the spread. U.S. West Texas Intermediate crude futures  dropped by 1.5% or 60 cents to $39.69. Brent crude futures shed 1.3% or 54 cents to $41.86 per barrel. An announcement by drugmaker Pfizer on the progress of a potential COVID-19 vaccine boosted both contracts 8%, their biggest daily gains in five months. Analysts estimated that U.S. stockpiles fell by 1.6 million barrels per day, though official data will be released this week from the American Petroleum Institute. OPEC+ has agreed to cut supply by 7.7 million barrels per day through December, snd 5.7 million barrels per day from January.