MELBOURNE (Reuters) – Oil prices fell for a second day on Wednesday on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world’s third biggest oil importer.
Brent crude futures for June fell 52 cents, or 0.8%, to $66.05 a barrel at 0157 GMT, after dropping 48 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures for June fell 56 cents, or 0.9%, to $62.11 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.
“You’ve seen refiners there (in India) scale back runs because demand has fallen with the spread of lockdowns. That’s clearly weighing on the market and sentiment,” said Lachlan Shaw, head of commodity research at National Australia Bank .
