Oil prices fall on India’s demand concerns

The nation press services
2021-05-01 | Since 1 Month

Oil prices declined on Friday on worries of wider lockdowns in India and Brazil to control the COVID-19 pandemic.

Brent crude fell 31 cents, or 0.5%, to $68.25 a barrel by 06:30 GMT while US West Texas Intermediate crude for June was at $64.59 a barrel, down 42 cents, or 0.7%.

 In a note, Energy Aspects analysts said, "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."

The surging infection numbers and renewed mobility-restricting measures have "forced us to revise down Indian gasoline and gasoil demand" estimates for 2021, said JBC Energy's senior analyst Eugene Lindell.

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