Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+
Oil’s playing a tug of war game between rising COVID-19 cases and promising vaccine developments. MarketWatch photo illustration/iStockphoto The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its efforts will come up short if demand drops faster than supplies.
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