Oil Slips as Rising Infections Spark Demand Issues
By Aaron Sheldrick
Brent crude was down 17 cents, or 0.3%, at $66.60 a barrel by 0643 GMT, after rising 6% final week. West Texas Intermediate (WTI) U.S. oil was down 10 cents, or 0.2%, at $63.03 a barrel, having gained 6.4% final week.
“The progress of vaccination drives within the developed markets will be seen in highway site visitors ranges, however resurging case numbers have reversed the restoration within the rising international locations,” equivalent to India and Brazil, ANZ Analysis stated in a report on Monday.
India reported a document rise in coronavirus infections of 273,810 on Monday, rising total instances to simply over 15 million, making the nation the second-worst affected after america, which has reported greater than 31 million infections. India’s deaths from COVID-19 rose by a document 1,619 to almost 180,000.
Hong Kong will droop flights from India, Pakistan and the Philippines from April 20 as a consequence of imported coronavirus infections, authorities stated in an announcement on Sunday.
In Japan, which has had far fewer COVID-19 instances than different prime economies, firms there can be a fourth spherical of infections, with many bracing for an additional blow to enterprise, a Reuters month-to-month ballot confirmed.
Japan’s oil imports in March fell 17% from a yr earlier to 2.5 million barrels a day, official information confirmed on Monday.
In america vitality firms added oil and pure gasoline rigs for a fifth consecutive week for the primary time since February as increased oil costs this yr inspired drillers to return to the wellpad. [RIG/U]
(Reporting by Aaron Sheldrick; enhancing by Michael Perry and Jason Neely)