Oil falls as India’s COVID-19 surge to weigh on fuel demand
Oil prices fell on Monday on fears that surging COVID-19 cases in India will drive down fuel demand in the world’s third biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ oil output from May.
Brent crude futures settled 0.7% lower at $65.65 per barrel, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures slid 0.37% to settle at $61.91 per barrel, after rising 1.2% on Friday.
Both benchmark crudes fell about 1% last week.
Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, saying on Sunday the “storm” of infections had shaken India, as the country set a new global record for the most COVID-19 infections in a day.
In Japan, the world’s fourth-largest oil buyer, a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday, affecting nearly a quarter of the population as the country attempts to combat a surge in cases.
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