Oil drops on India's COVID-19 crisis, pipeline resumption | Reuters
Oil prices fell more than 2% on Thursday as India's coronavirus crisis deepened and a key U.S. pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand later in the year.
Brent crude was down $1.65, or 2.3%, at $67.67 a barrel by 0948 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down $1.66 cents, or 2.5%, to $64.42 a barrel, having risen 1.2% in the previous session.
If those losses are sustained, both contracts would mark their biggest daily drops in percentage terms since early April.
In a bearish signal for oil demand, a variant of the coronavirus has swept through the countryside in India, the world's third-biggest importer of crude.
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