Oil futures were mixed on Thursday as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand, outweighing upbeat vaccine news.

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Oil prices edged higher on Wednesday as hopes that OPEC and its allies will delay a planned rise in oil output offset demand fears stoked by a bigger-than-expected build in U.S. crude stocks and weaker U.S. retail sales.

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Oil prices edged up on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.

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Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns over weaker fuel demand due to growing coronavirus infections and higher production in Libya.

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British wholesale gas prices edged up on Friday morning on forecasts for higher consumption as temperatures are forecast to fall next week.

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Oil prices fell on Friday, pressured by fears about a slow recovery in the global economy and fuel demand due to an accelerating rise in COVID-19 infections, but remained on track for a second straight weekly gain, helped by vaccine hopes.

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British gas prices were steady on Thursday morning, amid slow trade, and as strong wind output and mild weather capped demand.

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Oil prices edged higher on Thursday, taking the week’s gains so far to more than 10% on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand.

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Oil prices climbed on Wednesday as hopes of an effective COVID-19 vaccine continued to bolster sentiment, while an industry report showed U.S. crude inventories fell more than expected.

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