Oil Drops After Weekly Surge as Pandemic Sweeps Through India - Bloomberg

Oil Drops After Weekly Surge as Pandemic Sweeps Through India - Bloomberg

• WTI for May delivery lost 0.3% to $62.95 a barrel on the New York Mercantile Exchange at 7:19 a.m. in London.
• Despite ending lower Friday, prices rose 6.4% last week, the biggest weekly gain since the period to March 5.
• Brent for June settlement dropped 0.3% to $66.57 a barrel on the ICE Futures Europe exchange.

Oil headed for a back-to-back loss after posting the biggest weekly advance since March, with the pandemic sweeping key importer India and the global case count hitting a weekly record.

West Texas Intermediate dropped 0.3, while Brent shed 0.3%. Last week, crude futures were boosted by a wave of positive economic data from the U.S. and China, another drawdown in crude stockpiles, and optimistic assessments about prospects for consumption over 2021 from both the Organization of Petroleum Exporting Countries and the International Energy Agency.