Oil Futures Settle Slightly Lower

Oil Futures Settle Slightly Lower

Crude oil futures ended lower on Thursday as rising coronavirus cases in the U.S. and Europe and imposition of fresh lockdown measures at several places raised concerns about energy demand.

Despite positive updates on the vaccine front, with Pfizer, Moderna and AstraZeneca all saying their Covid-19 vaccines are proving to be quite successful during the final phase of trials, there are worries about the pandemic due to continued increase in new cases.

The continued impasse over a fiscal stimulus bill is hurting as well.

West Texas Intermediate Crude oil futures for December ended down $0.08 or about 0.2% at $41.74 a barrel.

New York City public schools are closing and returning to remote learning for all 1.1 million students, signaling that a second wave of the coronavirus has arrived.

Minnesota Gov. Tim Walz announced a month-long stop to social gatherings, gyms and indoor service at bars and restaurants as the virus spread spiked to a record high.

U.S. land borders with Canada and Mexico are expected to remain closed to non-essential travel until Dec. 21 amid a rising number of U.S. coronavirus cases.

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