Oil falls 1% as India's COVID-19 surge dents demand outlook | Reuters

Oil falls 1% as India's COVID-19 surge dents demand outlook | Reuters

Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May.

Brent crude fell 72 cents, or 1.1%, to $65.39 a barrel by 0653 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1%, at $61.47 a barrel, after rising 1.2% on Friday.

Both benchmark crudes fell about 1% last week.

“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.

India’s new coronavirus infections hit a record peak for a fifth day on Monday as countries including Britain, Germany and the United States pledged to send urgent medical aid to help battle the crisis overwhelming its hospitals.