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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.
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SYDNEY (Reuters) - Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery.
FILE PHOTO: A man holding an umbrella walks in front of an electric board showing Nikkei index at a brokerage in Tokyo, Japan February 15, 2021. REUTERS/Kim Kyung-Hoon
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.7%, led by a 1.3% drop in Taiwan. Japan’s Nikkei was shut for a holiday, but Nikkei futures edged up 0.4%.