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FX.co ★ Oil Prices Mixed As Vaccine Concerns Cloud Demand Outlook

Oil Prices Mixed As Vaccine Concerns Cloud Demand Outlook

Oil prices traded mixed on Friday as the efficacy of AstraZeneca's coronavirus drug faced more scrutiny after dosing mistake.

The U.K. drug maker said that further research is needed but it didn't expect the additional trial to delay U.K. and European regulatory approvals.

The British government said it has asked the regulator to assess the Oxford/AstraZeneca vaccine to understand the data and determine whether it meets rigorous safety standards.

Benchmark Brent crude rose 0.7 percent to $48.10 a barrel, after having fallen 1.7 percent overnight. West Texas Intermediate crude futures were down 0.9 percent at $45.28. U.S. crude prices didn't settle on Thursday due to the Thanksgiving holiday.

Easing political uncertainty in Washington and encouraging data from China helped to underpin investor sentiment to some extent.

U.S. President Donald Trump said late Thursday that he would leave the White House if Joe Biden is formally confirmed as the next president by the Electoral College.

Official data showed that profits at China's industrial firms grew in October for a sixth consecutive month and at their quickest pace since early 2017, a further sign the economic recovery is gathering pace.

Investors look ahead to the OPEC+ ministers meeting on Monday amid expectations the group will delay an output increase by three months. Informal talks will be held on Saturday prior to the meetings scheduled for next week.

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