UPDATE 7-Oil steady as virus infections rise but hopes for vaccine lends support

* More than 14 million people infected by coronavirus
* First human trial of Oxford COVID-19 vaccine shows promise
* EU leaders to decide on stimulus plan
* Saudi King Salman admitted to hospital

(Adds comments, updates prices, changes dateline to NEW YORK)
By Devika Krishna Kumar
NEW YORK, July 20 (Reuters) - Oil prices were little changed
on Monday as coronavirus cases increased in many countries,
though cautious investor optimism about a potential COVID-19
vaccine and ongoing talks over a European Union fund to revive
economies hit by the pandemic curbed losses.
Brent crude LCOc1 was down 6 cents, or 0.1%, at $43.08 per
barrel by 11:34 a.m. ET (1534 GMT), while U.S. West Texas
Intermediate (WTI) CLc1 was up 1 cent at $40.60.
"As things stand, prices are not likely to produce any
sizeable gains very soon, until a signal that the pandemic slows
down," said Rystad Energy's head of oil markets Bjornar
Tonhaugen.
"Even though in Europe the virus has been cornered, the
Americas and some Asian states still have a long way to go."
More than 14.5 million people have been infected by the
novel coronavirus globally and more than 604,000 have died of
COVID-19, the disease caused by the pathogen, according to a
Reuters tally.
Prices found some support after German biotech firm BioNTech
BNTX.O and U.S. drugmaker Pfizer PFE.N reported additional
data from their experimental COVID-19 vaccine that showed it was
safe and induced an immune response in patients.
An experimental coronavirus vaccine being developed by
AstraZeneca AZN.L and Britain's University of Oxford was safe
and produced an immune response in early-stage clinical trials,
data showed, keeping alive the hope it could be in use by the
end of the year. Investors are also looking to the EU summit for trading
cues, with leaders showing the first signs of compromise over
carving up a proposed 750 billion euro ($858.3 billion) recovery
fund to revive economies. "Over the past few weeks, crude oil prices have actually
been uncharacteristically quiet, suggesting a potentially sharp
move could be on the cards soon," said Fawad Razaqzada, market
analyst with ThinkMarkets.
"If the recovery in demand turns out to be quicker and more
robust than expected, the supply surplus could diminish fast
given the ongoing supply restrictions by the OPEC+ group. This
should mean higher oil prices, everything else being equal."
While fuel demand has recovered from a 30% drop in April
after many countries imposed strict lockdowns, usage is still
below pre-pandemic levels. U.S. retail gasoline demand is
falling again as infections rise.
Rising tension between China and the United States also put
pressure on prices.
China's embassy in Myanmar on Sunday accused the United
States of "outrageously smearing" the country and driving a
wedge between it and its Southeast Asian neighbours over the
contested South China Sea and Hong Kong. Saudi Arabia's 84-year-old ruler, King Salman bin Abdulaziz,
has been admitted to hospital, suffering from inflammation of
the gall bladder. The king has ruled the world's largest crude
oil exporter and close U.S. ally since 2015.

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IEA Lockdows vs Coronavirus Cases https://tmsnrt.rs/3iIEzB4
Oil Demand Second Coronavirus Wave Scenario https://tmsnrt.rs/2DtSrz8
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