Oil drops on fears pandemic surge will hit demand in Asia – Reuters

Oil drops on fears pandemic surge will hit demand in Asia – Reuters

NEW YORK (Reuters) - Crude futures settled lower on Tuesday, pulling back from one-month highs, on fears that India, the world's third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surge to record highs.FILE PHOTO: A general view of a refinery in Hobbs, New Mexico, U.S. September 18, 2019. REUTERS/Adria Malcolm/File PhotoOil prices have risen steadily this year on anticipation that demand would recover, but while the United States and China are rebounding, numerous other countries are not.“Unless major progress is seen beyond the key industrialized nations such as the U.S., the pandemic factor could require some downward adjustments in global oil demand expectations for this year,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.India, the world's second most populous country and currently the hardest hit by COVID-19, reported its worst daily death toll on Tuesday, with large parts of the country now under lockdown amid a fast-rising second surge of contagion.[nL1N2MD06P]India's Prime Minister Narendra Modi urged citizens to take precautions to halt the spread of COVID-19, but stopped short of imposing lockdowns.Restrictions continue to hamper travel worldwide. Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for two weeks.Brent