Oil falls 1% as India’s COVID-19 surge dents demand outlook
Oil spending fell more than 1% on Monday amid fears that rising COVID-19 cases in India could hurt gas demand for the world's 3rd largest oil importer, and because traders are holding their positions ahead of any deliberate expansion of OPEC + production had adjusted from May.
After gaining 1.1% on Friday, (WTI) crude oil futures fell seventy-two cents, or 1.1%, to $ 65.39 a barrel to 0653 GMT barrel, after rising 1.2% on Friday. Both benchmark crude oils fell around 1% in the final week. New India’s coronavirus infections hit a record high on the 5th day on Monday as nations like the UK, Germany and the United States pledged to send urgent scientific resources to combat the disaster that overwhelmed their hospitals. India fell 100,000 barrels per day (bpd) in April and more than 170,000 bpd in May.
India's total fuel sales reached nearly 747,000 bpd in March. OPEC + Way of Russia stunned the market with its assembly on April 1 by agreeing to relax manufacturing restrictions by adding 350,000 barrels per day (bpd) in May, another 350,000 bpd in June, and another 400,000 bpd in July were used. The production team will hold a mostly technical meeting this week and major changes to coverage are unlikely, the Russian Deputy Prime Minister and OPEC + sources said next week.