Oil dips with record India virus cases imperiling demand revival
Oil fell as bearish virus news from India to Japan underpinned the outlook for a staggered recovery in consumption.
West Texas Intermediate slid 0.6%, though remains within the $5 range it has traded in since mid-March. India, the world’s No. 3 oil importer, reported a record number of daily coronavirus cases, with states facing a vaccine shortage. In Ontario, officials issued a stay-at-home advisory, while the Tokyo government is weighing stricter curbs as a more contagious variant spreads.
Crude has been stuck in a narrow band around $60 in recent weeks. While a string of positive economic figures, particularly from the US, has buoyed sentiment, fresh Covid-19 outbreaks and renewed lockdowns have acted as a counterweight.
