Oil falls on India’s Covid-19 crisis, US crude stocks gain; but fuel demand recovery confidence dampens
Oil prices dropped on Wednesday, paring overnight gains, with soaring Covid-19 cases in India and a bigger-than-expected build in US crude stocks offsetting confidence shown by OPEC and its allies in a solid recovery in global fuel demand.
Brent crude futures fell 26 cents, or 0.4 per cent, to $66.16 a barrel at 0635 IST, paring a 1.2 per cent gain from Tuesday.
US West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.4 per cent, to $62.71 a barrel, after gaining 1.7 per cent on Tuesday.
The American Petroleum Institute industry group reported crude stocks rose by 4.319 million barrels, according to two sources, which was a much bigger build than analysts in a Reuters poll had estimated.
