Oil prices drop after a report by the International Energy Agency


Oil prices retreated today after 3 days of gains, as dealers retreated from their expectations regarding early distribution of the vaccine to block Covid-19, and the International Energy Agency raised doubts about a rapid recovery in demand for crude.

By 12:35 GMT, Brent crude was down 0.5 percent to $ 43.60 a barrel. US West Texas Intermediate crude fell by 0.5 percent, too, to $ 41.24 a barrel.

The two crude rose more than ten percent this week, supporting hopes that the pandemic can be controlled, after data revealed that an experimental vaccine developed by “Pfizer” and “Biontech” is more than 90 percent effective.

But the International Energy Agency said today that it is unlikely that global demand for oil will receive clear support from the use of the vaccine before much of 2021.

Source: RT, Reuters