Oil prices fall on surging coronavirus cases and US-China tensions.

Oil prices slipped on Monday as the positive impact from Covid-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.

Brent crude fell 76 cents, or 1.5%, to $48.49 a barrel by 0911 GMT. US crude was down 82 cents, or 1.8%, at $45.44.

“Surging virus cases and a Reuters report signalling the United States is preparing new sanctions on Chinese officials ... outweighed the positive sentiment driven by vaccine news,” said Hussein Sayed, chief market strategist at FXTM.

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