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 $1.14, or 1.7%, to $65.43 a barrel at 1250 GMT. U.S. West Texas Intermediate (WTI) crude futures for June fell $1.28, or 2%, to $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.
India, also the world’s third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19.
