Oil declines as the road to economic recovery seem long

Oil declines as the road to economic recovery seem long

The road to normal corporate travel is far away

According to US government data, crude inventories jumped by 4.3 million barrels last week.

Koichi Murakami, an analyst at Daiichi Commodities Co Ltd said, "Investors took profits from the recent rally as a gloomy global economic outlook dampened sentiment amid a sharp increase in coronavirus cases and new social restrictions.“

Pfizer Inc and Germany's BioNTech announcement of a 90% effective vaccine has rekindled hope. That has increased WTI and Brent contracts this week.

However, the International Energy Agency (IEA) on Thursday said, until late into 2021, COVID-19 vaccine might not uplift oil demand.