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

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

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 a level is likely to be reached only in the third quarter this year, when demand improves materially and destocking ends, they said. The world's third largest oil consumer is in deep crisis, with hospitals and morgues overwhelmed, as the