Oil extends loss as Covid-19 cases rise in India and US pipeline resumes operations

SourceThe National

Oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.

Brent crude oil futures were down 22 cents, or 0.3 per cent, at $66.82 a barrel by 10.53am UAE time, while West Texas Intermediate was down 14 cents, or 0.2 per cent, at $63.68 a barrel. Both prices are heading for their first weekly loss in three weeks.

“The commodity super cycle rally just hit a hard stop and the

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