Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer.
West Texas Intermediate and Brent both dropped as much as 2.4%, paring gains on Thursday, the last day of trading due to a holiday on Friday. OPEC+ opted last week to raise production by more than 2 million barrels a day between May and July.
Crude has rallied this year as vaccine rollouts help major economies reopen. The decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook for energy demand. The US also added more than 900,000 jobs in March, the most in seven months.
