Thursday 13 May 2021

Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart | Reuters

Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart | Reuters

Oil prices fell about 3% on Thursday as India's coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year.

Brent crude ended the session down $2.27, or 3.3%, at $67.05 a barrel, after rising 1% on Wednesday. West Texas Intermediate (WTI) settled$2.26, or 3.4%, lower at $63.82 a barrel, having risen 1.2% in the previous session.

Both benchmarks marked their biggest daily drops in percentage terms since early April.

Prices also came under pressure as a broader surge in commodity prices, labor shortage and much stronger-than-expected consumer prices data this week have stoked inflation concerns that could force the U.S. Federal Reserve to raise interest rates.

No comments:

Post a Comment