Fears over Covid-19 wave in India drive down oil
Investors have been shifting funds from crude to grain markets over higher volatility, analyst says
26 April 2021 - 08:02
Tokyo — 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 dropped 38c, or 0.6%, to $65.73 a barrel by 7.07am, after a 1.1% rise on Friday. US West Texas Intermediate (WTI) crude futures were down 31c, or 0.5%, at $61.83 a barrel, after rising 1.2% on Friday...
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