Oil mixed as rally falters over supply concerns, vaccine doubts

TOKYO, Nov 27 (Reuters) - Oil prices were mixed on Friday in
quiet trade due to the U.S. Thanksgiving holiday, with West
Texas Intermediate (WTI) dropping more than 1% amid concerns
about oversupply and doubts about a vaccine to end the
coronavirus pandemic.
WTI CLc1 was down by 69 cents, or 1.5%, at $45.02 by 0104
GMT. U.S. crude prices did not settle on Thursday due to the
holiday. Brent crude LCOc1 was up by 9 cents at $47.89, having
fallen 1.7% overnight.
Both benchmarks have risen about 6% this week, after
AstraZeneca AZN.L earlier announced that 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 worst
pandemic in a century.
But questions have been raised over the so-called "vaccine
for the world" as several scientists have sounded doubts over
how robust the results of the trials were. "It seems some profit taking is finally kicking in ... as we
ease into the end of the week," Craig Erlam, senior market
analyst at OANDA.
Still, "with WTI holding above $45 and Brent having touched
$49, it seems crude is through the worst of its post-summer
troubles," he said.
The Organization of the Petroleum Exporting Countries (OPEC)
and other producers including Russia that make up the OPEC+
grouping are leaning towards delaying next year's planned
increase in oil output, three sources close to OPEC+ said.
OPEC+ was planning to raise output by 2 million barrels per
day (bpd) in January - about 2% of global consumption - as it
moves to ease this year's record supply cuts.
But rising Libyan output is contributing to concerns about
oversupply in the market as many people are ignoring lockdown
advice and travelling.
Nearly 6 million Americans took air trips from Friday to
Wednesday in advance of the Thanksgiving break as they ignored
advice from the Centers for Disease Control to stay home, the
U.S. Transportation Security Administration said.