Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May. Brent crude fell 72 cents, or 1.1%, to $65.39 a barrel by 0653 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1%, at $61.47 a barrel, after rising 1.2% on Friday. Both benchmark crudes fell about 1% last week. Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand, Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
Oil prices have fallen more than 1 percent on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors prepared for a planned increase in crude output from the world’s top producers in May.
Brent crude fell 72 cents, or 1.1 percent, to $65.39 a barrel by 06:53 GMT on Monday, following a 1.1-percent rise on Friday. US West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1 percent, at $61.47 a barrel, after rising 1.2 percent on Friday.
Both benchmark crudes fell about 1 percent last week.
“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
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27 April, 2021, 5:06 am
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
TOKYO (Reuters) -Oil prices fell on Monday on fears that surging COVID-19 cases in India will drive down fuel demand in the world’s third biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ oil output from May.
Brent crude futures dropped 38 cents, or 0.6%, to $65.73 a barrel by 0507 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.5%, at $61.83 a barrel, after rising 1.2% on Friday.
Oil Falls 1% As India’s Covid-19 Surge Dents Demand Outlook
Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May.
Brent crude fell 72 cents, or 1.1%, to $65.39 a barrel by 0653 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1%, at $61.47 a barrel, after rising 1.2% on Friday.
Both benchmark crudes fell about 1% last week.
“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.