Oil extends loss on India COVID-19 cases, US pipeline restart

SourceArab News

SINGAPORE: Oil prices fell on Friday after dropping about 3 percent 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 cyberattack. Brent crude oil futures were down 10 cents, or 0.2 percent, at $66.95 a barrel by 0518 GMT, while West Texas Intermediate (WTI) was down three cents, or 0.1 percent, at $63.79 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 energy market doesn’t know what to make of Wall Street’s fixation over inflation and the slow flattening of the curve in India,” said Edward Moya, senior market analyst at OANDA. India is the world’s third biggest oil consumer. “The crude demand story is still upbeat for the second half of the year and that should prevent any significant dips...read more...