India COVID surge drives oil prices down on falling demand fears

India’s rising COVID cases raise fears of new lockdowns, denting fuel demand in the key energy importer.

Oil prices were lower as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. Brent crude was down 17 cents, or 0.3 percent, at $66.60 a barrel by 06:43 GMT on Monday, after rising 6 percent last week. West Texas Intermediate (WTI) United States oil was down 10 cents, or 0.2 percent, at $63.03 a barrel, having gained 6.4 percent last week. “The progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries,” such as India and Brazil, ANZ Research said in a report.