Skip to content
Subscriber Only

Oil Edges Higher Despite OPEC’s Lower Demand View, Lockdowns

  • London to increase restrictions; NYC may go into full lockdown
  • OPEC cut daily global fuel demand outlook by 1 million barrels
U.S. Oil Industry Prioritizes Output Over Debt
Photographer: Angus Mordant/Bloomberg
Updated on

Oil inched up as the market weighed the risks of toughening restrictions in New York and London ahead of a widely available vaccine.

Futures closed at a fresh nine-month high after swinging between gains and losses earlier. The U.S. began administering the Covid-19 vaccine alongside nationwide immunization campaigns in other countries, presenting a path toward a normalization of crude demand.