Oil Down over Continuous COVID-19 Fuel Demand Concerns, Surprise US Supply Build By Investing.com – Investing.com

Oil Down over Continuous COVID-19 Fuel Demand Concerns, Surprise US Supply Build By Investing.com – Investing.com

© Reuters.

By Gina Lee

Investing.com – Oil was down Thursday morning in Asia as the ever-rising number of COVID-19 cases in India and Japan continue to raise fuel demand concerns.

was down 0.44% to $65.03 by 12:27 AM ET (4:27 AM GMT) and fell 0.47% to $61.06.

The market was also rattled by Wednesday's U.S. that showed a surprise build of 594,000 barrels for the week ending Apr. 16. Forecasts prepared by Investing.com had predicted a 2.975-million-barrel draw, while a 5.889-million-barrel draw was reported during the previous week.

the day before showed a build of 436,000 barrels.

On the COVID-19 front, India, the world's third-largest oil importer, reported another record number of COVID-19 cases on Wednesday. Japan, a place behind India on the importer scale, is also considering imposing a state of emergency in Tokyo and Osaka due to rising COVID-19 cases.

"Oil prices have been under pressure this week due to growing worries that surging number of COVID-19 cases in India and Japan will slow a recovery in fuel demand in Asia... the market sentiment was further battered by the EIA's weekly data that showed an increase in U.S. crude oil," Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.,