Oil inches lower on concerns over COVID-19 surge in India, Japan

Oil inches lower on concerns over COVID-19 surge in India, Japan

TOKYO: Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.Brent crude futures fell 8 cents, or 0.1%, to $66.03 a barrel by 0058 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $62.10 a barrel, after rising 1.2% on Friday.Both benchmark crudes fell about 1% last week."Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand," Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, saying on Sunday the "storm" of infections had shaken India, as the country set a new global record for the most COVID-19 infections in a day.  In Japan, a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday, affecting nearly a quarter of the population as the country attempts to combat a surge in cases three months before the Tokyo Olympics is set to open.  "Investors, including speculators, have been shifting