Connect with us

Hi, what are you looking for?


Oil prices drop for second day as India’s COVID-19 surge dents demand outlook

Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.

Brent crude futures for June declined 95 cents, or 1.4 percent, to $65.62 a barrel at 0941 GMT, heading for their biggest daily drop in over two weeks.

For more coronavirus news, visit our dedicated page.

US West Texas Intermediate (WTI) crude futures for June fell 93 cents, or 1.4 percent, to $61.74 a barrel. The May contract expired on Tuesday down 1.5 percent at $62.44.

For the latest headlines, follow our Google News channel online or via the app.

“Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India,” PVM analysts said.

India, also the world’s third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19.

Further battering the market, data from the American Petroleum Institute (API) industry group showed US crude oil and distillate stocks rose in the week ended April 16, according to two market sources.

Crude stocks rose by 436,000 barrels, API reported, according to the sources. The US Energy Information Administration will release its inventory data for last week later on Wednesday.

Raising the possibility of further oil supply, Iran and world powers have made headway in talks to save a 2015 nuclear accord, which, if successful, could see sanctions lifted and more Iranian barrels return to the market.

Still, major oil trading companies are stowing diesel and jet fuel on newly built supertankers in Asia and Africa in anticipation of COVID-19 vaccinations driving prices higher in the months ahead.

Next articles

Sinopec to develop Iraq’s Mansuriya gas field: Ministry

Libya’s NOC declares force majeure on Hariga port after budget row with central bank

Saudi crude exports drop to eight-month low in February amid voluntary output caps



You May Also Like


Sitting by herself at the funeral of Prince Philip on Saturday, Queen Elizabeth cut a regal, but solitary figure: still the monarch, but now...


Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...


Activists opposed to Myanmar’s junta called on Monday for people to stop paying electricity bills and agricultural loans, and keep their children away from...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...