Oil prices slip as Covid-19 pandemic takes toll on India’s fuel sales
Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year.
Brent crude futures for July fell 15 cents, or 0.2 per cent, to $66.61 a barrel by 8:14 am while US West Texas Intermediate for June was at $63.48 a barrel, down 10 cents, or 0.2 per cent.
State-level restrictions aimed at stemming infections in India have caused fuel sales in the world’s third largest consumer to drop in April, preliminary data shows.
