Oil price drops as Opec+ increases supply
The surge in Covid-19 in India, the world’s third-largest consumer of oil, is also keeping a lid on prices
03 May 2021 - 11:47
London — Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher oil cartel Opec — and its allied producers, including Russia (Opec+) — supply offset optimism over rising demand in other major consumers such as China and the US.
On Monday, India reported more than 300,000 new coronavirus cases for a 12th day. The new wave of the virus has already led to a drop in fuel sales in the world’s third-largest consumer in April...
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