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Pfizer has applied for approval in Japan for its vaccine, which
is being used in the United Kingdom and the United States. The
U.S. Food and Drug Administration is also working towards
approving Moderna's shot.
Brent crude was down 22 cents, or 0.4%, at $51.28 at 1118 GMT,
near the nine-month high of $51.90 hit on Thursday. U.S. West
Texas Intermediate (WTI) crude, which also reached its highest
since March on Thursday, fell 12 cents or 0.3%, to reach $48.24.
"Bullish momentum is taking a breather," said Stephen Brennock
of oil broker PVM. "Looking ahead, oil prices should continue to
find support from the prospect of a COVID relief bill and
accelerating vaccine rollouts."
U.S. lawmakers are trying to agree a coronavirus relief package
but a new potential roadblock emerged as some Senate Republicans
insisted on language ensuring that expiring Federal Reserve
lending programmes cannot be revived.
While the vaccines offer hope, surging case numbers in major
economies and new movement restrictions in Europe are impacting
the immediate prospects for oil demand. The number of U.S. cases
rose by at least 239,018 on Thursday.
Oil gained support this week from weekly U.S. supply data
showing crude inventories fell by 3.1 million barrels, more than
the drop analysts had expected. [EIA/S]
The Organization of the Petroleum Exporting Countries and
allies, known as OPEC+, are supporting market prices by slowing
the pace of a planned increase in supplies next year.
OPEC+ plans to add 500,000 barrels per day of supply in January
and will meet in early January to decide on next steps.
(Addititonal reporting by Sonali Paul and Shu Zhang; Editing by
David Clarke/Mark Heinrich)
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