Oil prices fall following surge in India’s COVID-19 cases

Oil prices fall following surge in India’s COVID-19 cases

Picture used for illustrative purpose. File



Gulf Today Report 

Oil prices dropped on Wednesday due to concerns of COVID-19 cases in India will reduce fuel demand in the world's third-biggest oil importer.

Brent crude futures for June declined 29 cents, or 0.4%, to $66.28 a barrel at 06:45 GMT while US West Texas Intermediate (WTI) crude futures for June fell 34 cents, or 0.5%, to $62.33 a barrel.

Ravindra Rao, vice president for commodities at Kotak Securities said, "India is a major crude oil consumer. So rising virus cases and thereby restrictions to limit the spread will dampen the demand outlook."

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On Wednesday, India recorded a daily COVI-19 death toll of 2, 023 and cases of more than 295,000.

The surge in cases has