Crude oil prices fell on Tuesday due to continuing demand worries, offsetting the positive note on Monday over the COVID-19 vaccine.
International benchmark Brent crude was trading at $41.94 per barrel at 0634 GMT on Tuesday with a 1.08% decrease after closing Monday at $42.40 a barrel.
American benchmark West Texas Intermediate (WTI) was at $39.73 per barrel at the same time for a 1.39% decrease after ending the previous session at $40.29 a barrel.
Oil prices were on an upward trend on Monday with uncertainty eliminated over the results of the US presidential election, as US President-elect Joe Biden officially declared victory.
US pharma company Pfizer and German biotech firm BioNTech's joint statement early Monday also supported prices by declaring that the final-stage trials of their vaccine have proven 90% effective in preventing COVID-19 infections.
However, lingering concerns over global demand continue to negatively affect the market, as major economies in Europe introduced renewed lockdowns and measures due to the surge in COVID-19 cases.
The number of people infected with the novel coronavirus in the US has surpassed the 10 million mark on Monday, according to a tally by Johns Hopkins University.
Meanwhile, to support prices, global oil markets are expecting an extension of the OPEC+ oil production cut agreement at their next meeting between Nov. 30 and Dec. 1, when they plan to agree on a policy for 2021 onwards.
Saudi Arabia's Energy Minister Abdulaziz bin Salman's announcement on Monday, who left the door open for more cuts, supported these expectations. The minister said at a conference on the OPEC+ agreement that production cuts could adjust if there is consensus among members, according to international media outlets.
The OPEC+ group is currently capping production by 7.7 million barrels per day.
By Ebru Sengul Cevrioglu