Oil slips below $62 as India virus cases rise
Al Jazeera
Fifth day of record number of COVID infections in the world’s third-biggest oil importer is expected to hit demand.
Oil prices have fallen more than 1 percent on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors prepared for a planned increase in crude output from the world’s top producers in May. Brent crude fell 72 cents, or 1.1 percent, to $65.39 a barrel by 06:53 GMT on Monday, following a 1.1-percent rise on Friday. US West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1 percent, at $61.47 a barrel, after rising 1.2 percent on Friday. Both benchmark crudes fell about 1 percent last week.
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