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FILE PHOTO: Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson
LONDON (Reuters) - Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher OPEC+ supply offset optimism over a strong demand rebound in countries including the United States and China.
India on Monday reported more than 300,000 new coronavirus cases for a 12th straight day. The new wave of the virus has already led to a drop in fuel sales in the world’s third-largest consumer in April.
Brent crude fell 35 cents, or 0.5%, to $66.41 a barrel by 1000 GMT. U.S. West Texas Intermediate dropped 27 cents, or 0.4%, to $63.31.
By Florence Tan SINGAPORE (Reuters) - Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year.
Brent crude futures for July fell 15 cents, or 0.2%, to $66.61 a barrel by 0244 GMT while U.S. West Texas Intermediate for June was at $63.48 a barrel, down 10 cents, or 0.2%. State-level restrictions aimed at stemming infections in India have caused fuel sales in the world s third largest consumer to drop in April, preliminary data shows.
Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher OPEC+ supply offset optimism over a strong demand rebound in countries including the United States and China..