Oil prices drop as India's COVID-19 surge dents demand outlook | Reuters

Oil prices drop as India's COVID-19 surge dents demand outlook | Reuters

Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.

Brent crude futures for June declined 29 cents, or 0.4%, to $66.28 a barrel at 0645 GMT, after dropping 48 cents on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures for June fell 34 cents, or 0.5%, to $62.33 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.

"India is a major crude oil consumer. So rising virus cases and thereby restrictions to limit the spread will dampen the demand outlook," said Ravindra Rao, vice president for commodities at Kotak Securities.