Oil prices dropped early Wednesday, but then cut losses, with the UK becoming the first country in the world to approve the use of the vaccine and news that the vaccine will be launched early next week.
Previously, prices had been hit by a surprising increase in oil stocks in the US, and OPEC and its allies postponed the official meeting, leaving markets in uncertainty.
Brent crude oil futures were down by 8 cents, or 0.2%, at $47.34 a barrel by 0743 GMT, while West Texas Intermediate (WTI) crude was down by 14 cents, or 0.1%, at $44.41.
Industry data showed US crude inventories rose by 4.1 million barrels last week, compared to the forecast of a draw of 2.4 million barrels in analysts’ survey.
Oil traders expect a 3-6 month delay in production increases planned by the coalition, and oil prices will become defenceless to easing if OPEC + fails to offer a plan to rein in production.
