Oil prices drop as India’s Covid-19 surge dents demand outlook
Oil prices fell for a second day on Wednesday, heading for their biggest daily drop in more than two weeks and weighed down by concerns that surging Covid-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.
Brent crude futures for June declined USD 1.14, or 1.7 per cent, to USD 65.43 a barrel at 1250 GMT. US West Texas Intermediate (WTI) crude futures for June fell USD 1.28, or 2 per cent, to USD 61.39 a barrel. The May contract expired on Tuesday down 1.5%.
“Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India,” PVM analysts said.
