Oil inches lower on concerns over COVID-19 surge in India, Japan

#
# 08:36
26 April 2021

Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia, APA reports quoting Reuters.

Brent crude futures fell 8 cents, or 0.1%, to $66.03 a barrel by 0058 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $62.10 a barrel, after rising 1.2% on Friday.

Both benchmark crudes fell about 1% last week.

"Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand," Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.

#
#

THE OPERATION IS BEING PERFORMED