Oil drops 3% on India’s COVID-19 crisis, U.S. pipeline restart – Reuters
- Date: 14-May-2021
- Source: Reuters
- Sector:Healthcare
- Country:Gulf
Oil drops 3% on India’s COVID-19 crisis, U.S. pipeline restart – Reuters
Oil prices fell about 3% on Thursday as India's coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year.
Brent crude ended the session down $2.27, or 3.3%, at $67.05 a barrel, after rising 1% on Wednesday. West Texas Intermediate (WTI) settled$2.26, or 3.4%, lower at $63.82 a barrel, having risen 1.2% in the previous session.
Both benchmarks marked their biggest daily drops in percentage terms since early April.
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