Oil snapped a three-day streak of gains alongside a broader market selloff as near-term demand risks from a resurgent pandemic clouded optimism surrounding a future vaccine rollout.
Futures fell 1.1% in New York as equities weakened, with rising Covid-19 cases threatening to strike another blow to demand as the world awaits a widely available vaccine. Prices were under pressure earlier in the session amid supply concerns after Iran said it’s preparing to raise exports in a sign the country expects the U.S. to ease some sanctions under a Joe Biden presidency.
