Oil prices pull back as surge in virus cases raises concerns about demand

Reuters: Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

Brent crude was down 35 cents to $43.99 a barrel by 12:36 p.m. EST (1736 GMT). U.S. West Texas Intermediate crude slipped 32 cents to $41.50 a barrel.

The Brent price contango LCOc1-LCOc7, a market structure in which near-month barrels are cheaper than those in later months, implying current oversupply, was at its shallowest in more than four months. This suggests concerns about a glut are easing.

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