Oil Dips, U.S. Death Toll Hits Grim Milestone – 18 November, 2020

Oil gave up some gains made the previous session as COVID-19 cases rise and economic restrictions leave movement limited. Brent crude futures were 0.4% or 17 cents lower to $44.17 per barrel, having gained 1.4% the previous session. U.S. West Texas Intermediate crude fell 0.7% or 29 cents to $41.53 per barrel after gaining just below 1% the previous day. As U.S. coronavirus deaths reached 250,000, cases in Tokyo and South Korea reached new highs. Coronavirus related economic setbacks are increasing worries that a bounce back might be long in the distance, while drug makers Pfizer and Moderna seek expedited authorization in the U.S. and Europe for their COVID-19 vaccine. U.S. Stockpiles grew less than the 1.7 million barrels expected, hitting a standstill at 768,000 barrels last week.OPEC+ and their allies are meeting at the end of the month to discuss policy.