Oil Down as Surging COVID-19 Cases in India Overshadow Anticipated Demand Increase By Investing.com – Investing.com


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By Gina Lee

Investing.com – Oil was down Monday morning in Asia as ever-surging COVID-19 cases in countries such as India dampen fuel demand hopes.

edged down 0.18% to $66.64 by 11:06 PM ET (3:06 AM GMT) and edged down 0.13% to $63.50.

India, the third-largest oil importer globally, continues to fight its second wave of COVID-19 cases. The daily number of COVID-19 cases passed the 400,000-mark on May 1, before the next day, according to the country’s Ministry of Health and Family Welfare.

The record numbers led the Confederation of Indian Industry to urge authorities to curtail economic activity.

However, losses were capped as fuel demand is expected to rebound in countries such as China in the second half of 2021. Accelerating COVID-19 vaccination rates are expected to raise global fuel demand, especially during the upcoming peak summer travel season.

“Strong demand in regions such as North America, Europe and China has brightened the overall outlook,” ANZ analysts said...read more...