Oil prices fell from six-week highs on Friday as investors unloaded positions after weak Japanese crude import data and on worries about fuel demand in India, where COVID-19 infections have soared.
U.S. crude and global benchmark Brent logged their biggest daily drops in more than three weeks, but saw monthly gains of near 6% and 8%, respectively. Fuel demand worldwide is mixed, with consumption rising in the United States and China, while other nations resume lockdowns to stem the rising infection rate.
Brent crude settled at $67.25 a barrel, falling $1.31, or 1.9% on the last day of trading for the front-month June contract.
U.S. West Texas Intermediate crude for June settled at $63.58 a barrel, down $1.43, or 2.2%. Brent gained 1.7% on the week and WTI rose 2.3%.
“It was the end of the month so there was some profit-taking, but I think the biggest issues were the reports coming out of India concerning COVID,” said Phil Flynn, senior...read more...