Oil prices fall on India’s demand concerns

Oil prices fall on India’s demand concerns

Oil prices declined on Friday on worries of wider lockdowns in India and Brazil to control the COVID-19 pandemic. In a note, Energy Aspects analysts said, "the post-COVID-19 demand recovery is still uneven and the surge in Indian cases serves as a timely reminder that any rally to $70 is too premature." The surging infection numbers and renewed mobility-restricting measures have "forced us to revise down Indian gasoline and gasoil demand" estimates for 2021, said JBC Energy's senior analyst Eugene Lindell. US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0. 3%, to $59. 93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0. 46%, to $62. 99 a barrel. The economy grew by 0. 4 per cent in the first three months of the year, according to France's national statistics institute, adding that the rebound was "limited" as it was well below pre-pandemic levels. Spot gold was down 0. 1% at $1, 770. 41 per ounce by 06:26 GMT while US gold futures were steady at $1, 769. 00 per ounce. The US economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course