Oil prices were offered some support by positive news on the development of COVID-19 vaccines.
Oil prices changed slightly Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand.Prices were offered some support by positive news on the development of vaccines as drugmakers and medical institutions rush to find a way to counter the world’s worst health crisis in a century.
“With major economies opening … demand should pick up for oil, and more so if a vaccine becomes available soon,’’ said Fawad Razaqzada, market analyst at ThinkMarkets. More than 14.6 million people have been reported to be infected by the novel coronavirus globally and 606,979 have died, according to a Reuters tally.Oil workers shelve planned strike
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