Oil Prices Drop On Weak Short-Term Demand Outlook

After rallying in the last few weeks, oil prices were down for a second consecutive day early on Tuesday as tightened restrictions in the U.S. and Europe outweighed the start of vaccination in the UK and the certainty about the OPEC+ production at least for January. As of 10:43 a.m. ET, WTI Crude prices were down 0.50 percent at $45.60 while Brent Crude was flat at $48.80. After rising for most of the past three weeks, due to hopes of a vaccine-induced boost in economic growth and energy demand, oil prices have been down this week, with near-term…