Hopeful news about a COVID-19 vaccine gave oil prices a big boost this week, fuelled by expectations that post-pandemic life is perhaps not as distant as once feared. But crude prices were fading again by Friday, highlighting the fact that the pandemic continues to be a major force in an oil market that still faces a lot of uncertainty. COVID-19 has weighed heavily on fuel demand, crude prices and the industry thanks in no small part to a collapse in things like airline travel and daily commuter traffic. The slip also followed a suggestion from the International Energy Agency (IEA) that global oil demand is unlikely to get a significant boost from the rollout of vaccines until well into 2021. Economist Judith Dwarkin says there's a 'real risk' that oil demand could 'retreat a bit in the very near term.'

Source: CBC News November 15, 2020 09:00 UTC