KONTAN.CO.ID - LONDON. Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that vaccines will revive fuel demand. Brent futures had risen to nearly $50 a barrel this week after three major pharmaceutical companies announced progress on vaccines that could start to be rolled out before the year-end. But Brent was down 75 cents at $47.86 a barrel by 0918 GMT, after earlier falling by $1. The contract rose around 1.6% in the previous session.
Oil rally stalls on signs of more supply, demand doubts
KONTAN.CO.ID - LONDON. Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that vaccines will revive fuel demand. Brent futures had risen to nearly $50 a barrel this week after three major pharmaceutical companies announced progress on vaccines that could start to be rolled out before the year-end. But Brent was down 75 cents at $47.86 a barrel by 0918 GMT, after earlier falling by $1. The contract rose around 1.6% in the previous session.