Oil steadied as the International Energy Agency warned the coronavirus vaccine breakthrough won’t quickly revive markets. Futures fluctuated between gains and losses near $41 a barrel. The IEA cut its forecasts for global oil demand this quarter by 1.2 million barrels a day as the pandemic continues to pressure consumption, most notably in Europe.

WTI slips after rallying strongly earlier in the week

Oil has surged almost 12% this week with most of the gains coming after news of a Covid-19 vaccine breakthrough. However, the coronavirus continues to spread in Europe and the U.S. and a global stock market rally was showing signs of stalling on Thursday.

“The vaccine is not yet here and the oil market is not out of the woods either,” said Bjarne Schieldrop, chief commodities analyst at SEB AB.
PRICES
  • West Texas Intermediate for December delivery lost 10 cents to $41.35 a barrel as of 10:12 a.m. London time
  • Brent for January settlement was lost 10 cents to $43.70