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 95 cents, or 1.4%, to $65.62 a barrel at 0941 GMT, heading for their biggest daily drop in over two weeks.

U.S. West Texas Intermediate (WTI) crude futures for June fell 93 cents, or 1.4%, to $61.74 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.

"Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India," PVM analysts said.