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* Delays with coronavirus vaccines in EU fuels demand
concerns
* China limits Lunar New Year trips as COVID cases rise
* Dollar gains on safe-haven bids, pressuring oil prices
(Updates prices)
By Ahmad Ghaddar
LONDON, Jan 28 (Reuters) - Oil steadied on Thursday after
early declines fuelled by delays to vaccine rollouts and fresh
travel curbs to prevent new coronavirus outbreaks.
Brent crude futures were up 8 cents, or 0.1%, at
$55.89 a barrel by 1331 GMT, having hit a session low of $55.31.
U.S. West Texas Intermediate (WTI) crude futures were
down 8 cents, or 0.2%, at $52.77 after dropping as low as
$52.22.
Oil prices were supported by data on Wednesday showing a
huge 10 million barrel decline in U.S. crude inventories last
week, which analysts said was because of a pick-up in U.S. crude
exports and a drop in imports.
But attention is returning to demand as contagious variants
drive a rise in coronavirus infections and a slower rollout of
vaccines in Europe and travel curbs in China are expected to
limit fuel consumption.
"Any sort of demand-related optimism remains on pause amid
the continued rise of new COVID-19 cases across key demand
centres and restricted mobility and public activity,"
consultants JBC Energy said.
Stricter vaccine checks by the European Union and delivery
hold-ups from AstraZeneca and Pfizer have slowed
the rollout of shots.
Adding to the bearishness over demand, China, the world's
second-largest oil consumer, faces a surge in coronavirus cases
and is seeking to limit travel as it heads into what is normally
the busiest travel season of the year, the Lunar New Year
holiday.
The Chinese Ministry of Transport has forecast the number of
trips that will be taken will rise 15% from last year, when the
virus was raging, but is still likely to be down 40% from 2019.
A strengthening dollar also weighed on prices. Buyers
using other currencies must pay more for dollar-denominated oil
when the greenback rises.
Data out later on Thursday is expected to show the economy
of the United States, the world's biggest oil user, contracted
in 2020 at its sharpest pace since 1946 because of the
pandemic.
(Additional reporting by Shu Zhang in Singapore and Sonali Paul
in Melbourne
Editing by Barbara Lewis and David Goodman
)
