Oil prices fall as India’s Covid-19 second wave drives down demand outlook
Oil prices fell for a second day on Wednesday, 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 fell 48 cents, or 0.7%, to $66.09 a barrel at 0515 GMT, after dropping 48 cents on Tuesday.
US West Texas Intermediate (WTI) crude futures for June fell 52 cents, or 0.8%, to $62.15 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.
“India is a major crude oil consumer. So rising virus cases and thereby restrictions to limit the spread will dampen the demand outlook,” said Ravindra Rao, vice president for commodities at Kotak Securities.
