London — Oil prices slipped after earlier gains on Thursday, weighed by rising Covid-19 infections in India and elsewhere, and despite a much sharper than expected fall in US crude inventories.
Hopes that India’s deadly second wave was about to peak were swept away on Thursday as it posted record daily infections and deaths and as the virus spread from cities to villages across the world’s second-most populous nation. “As the rollout of vaccines continues and a pent-up summer driving season continues to be manifested, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story,” analysts from Citi said in a note.
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