Global crude prices fall as India demand tumbles amid Covid-19 crisis
India Today
Global crude oil prices remain under pressure as demand has tumbled in India due to the Covid-19 crisis. The nation is the world's third-largest oil importer,
Oil prices fell from six-week highs on Friday amid profit-taking as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and the economic recovery. Brent crude was $1.31, or 1.9% lower, at $67.25 a barrel by 1314 GMT, the last day of trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $63.46 a barrel, down $1.55, or 2.3%. Both contracts were set for their biggest daily drops in around three weeks, but still on track for monthly gains of around 6% and 7%, respectively — the fifth monthly rise in the last six months.More Related News