Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong.
Brent crude was down 32 cents, or 0.5 per cent, at $69.00 a barrel by 0715 IST, after gaining more than 1 per cent on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5 per cent, to $65.77 a barrel, having risen 1.2 per cent in the previous session.
“The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high,” Edward Moya, senior market analyst at OANDA, said in a note.
