Oil prices slip from six-week high as India’s demand worries weigh

SourceArab News
SectorOil & Gas

SINGAPORE: Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery. Brent crude fell 70 cents, or 1 percent, to $67. 86 a barrel by 10.

45 a. m. in London, the last day’s trading for the front-month June contract. US West Texas Intermediate crude for June was at $64. 23 a barrel, down 78 cents, or 1. 2 percent. Prices also came under pressure after China’s factory activity growth slowed and missed forecasts in April, although a private sector survey showed that Japan’s factory activity expanded in April at the fastest pace since early 2018. “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,” Energy Aspects analysts said in a note. Such...read more...