Oil drops as India coronavirus crisis tempers rally

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong.

Brent crude was down 32 cents, or 0.5per cent, at US$69.00 a barrel by 0145 GMT, after gaining more than 1per cent on Wednesday. West Texas Intermediate was down 31 cents, or 0.5per cent, to US$65.77 a barrel, having risen 1.2per cent in the previous session."The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high," Edward Moya, senior market analyst at OANDA, said in a note.

A day earlier, the Organization of the Petroleum Exporting Countries stuck to its forecast for a strong return of world oil demand in 2021, with growth in China and the United States cancelling out the impact of the coronavirus crisis in India.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Foxconn iPhone India output drops 50per cent amid COVID surge - sourcesProduction of the Apple iPhone 12 at a Foxconn factory in India has slumped by more than 50per cent because workers infected with COVID-19 have ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

India Covid: Dozens of bodies wash up on banks of Ganges riverThe bodies appeared to be bloated and partially burnt, and officials said they may have ended up in the river as part of the practice of cremating victims of coronavirus along the river Ganges.
Source: YahooSG - 🏆 3. / 71 Read more »

Covid-19 desperation is spreading across India
Source: TODAYonline - 🏆 1. / 99 Read more »

India Covid: Dozens more bodies wash up on Ganges river bankA further 50 corpses are found on embankments, this time in Uttar Pradesh, as India battles Covid.
Source: YahooSG - 🏆 3. / 71 Read more »

Net across Ganges to catch India Covid-19 corpses
Source: TODAYonline - 🏆 1. / 99 Read more »

Bodies float down Ganges as nearly 4,000 more die of Covid-19 in IndiaIndia said on Wednesday a record number of people were killed by the coronavirus in the past 24 hours, pushing its overall death toll over a quarter million
Source: TODAYonline - 🏆 1. / 99 Read more »