TOKYO — Oil prices were lower on Friday in quiet trade due to the U.S. Thanksgiving holiday, dropping amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.
Brent crude was down by 31 cents, or 0.7%, at $47.49 by 0758 GMT, having fallen 1.7% overnight. West Texas Intermediate was down by $1.02, or 2.2%, at $44.69. U.S. crude prices did not settle on Thursday due to the holiday.
Both benchmarks have risen about 6% this week after AstraZeneca said its COVID-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the pandemic.
But questions have been raised over the “va…
Keep on reading: Oil drops as supply concerns, vaccine doubts sap rally