Oil steady on new lockdowns, vaccine hopes

Oil steady on new lockdowns, vaccine hopes

LONDON- Oil steadied on Monday, pressured by concerns over surging coronavirus cases globally and by Libya's plan to boost output, however, prices found some support by hopes of a U.S. fiscal package and expectations of a vaccine by the end of the year.Brent was up 1 cent, or less than 0.1%, at $42.94 a barrel at 1402 GMT. U.S. crude was up 13 cents, or 0.3%, at $41.01Worldwide coronavirus cases crossed 40 million on Monday, according to a Reuters tally."Even if the recent record-high new cases of COVID-19 worldwide have not yet caused demand forecasts to be revised further downwards, there is no sign as yet of the hoped-for recovery," said Commerzbank analyst Eugen Weinberg.Many European governments are tightening lockdowns to curb the spread of virus. "This latest swathe of stringent