Oil pulls back from highest level in one month on demand fears
21 Apr 2021 | Economic News
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Oil pulls back from highest level in one month on demand fears
Oil fell 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 soar in that country.
Oil prices have risen steadily this year on expectations of a recovery in demand but while the United States and China are rebounding, numerous other countries are not.
India’s Prime Minister Narendra Modi on Tuesday said citizens should take precautions to halt the spread of COVID-19, but stopped short of imposing lockdowns.
Brent crude fell 0.72% to settle at $66.57 per barrel. During the session it reached its highest since March 18 at $68.08. U.S. West Texas Intermediate (WTI) crude dipped 1.48% to settle at $62.44 per barrel.
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