Oil prices slip as pandemic takes toll on India s fuel sales
Published 2 hours ago
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.
By Florence Tan SINGAPORE (Reuters) - Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. Brent crude futures for July gained 36 cents, or 0.5%, to $67.12 a barrel by 0045 GMT while U.S. West Texas Intermediate for June was at $63.94 a barrel, up 36 cents, or 0.6%. Vaccinations are expected to lift global oil demand, especially during peak travel season in the third quarter, prompting analysts to increase their forecasts for Brent prices for a fifth straight month, a Reuters poll showed.
Brent crude futures for July fell 15 cents, or 0.2 per cent, 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 per cent.
India’s rise in COVID is lowering oil prices further Economic News
New restrictions to block the spread of the virus are expected to lower transport fuel demand in May.
Oil prices have fallen again in India as the second catastrophic wave of the coronavirus epidemic has halted the recovery in oil demand, offsetting the optimism of the strong rebound in demand in developed countries and China.
July’s gross Brent futures fell 15 cents, or 0.2 percent, to $ 66.61 a barrel at 02:44 GMT on Monday, and the West Texas West range was $ 63.48 in June, down 10 cents or 0.2 percent.
Statewide cuts aimed at losing India’s infections saw fuel sales in the world’s largest oil consumer fall in April, according to preliminary data.
Oil prices have fallen again 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 percent, to $66.61 a barrel by 02:44 GMT on Monday, while United States West Texas Intermediate for June was at $63.48 a barrel, down 10 cents, or 0.2 percent.
State-level restrictions aimed at stemming infections in India have caused fuel sales in the world’s third-largest oil consumer to drop in April, preliminary data show.