Oil Prices Decline as COVID-19 Cases Rise in India Weaken Demand Expectations

Oil prices fell for the second day on Wednesday, April 21, under the pressure of concerns that the surge in COVID-19 cases in India will reduce demand for crude in the world's third-largest oil-importing country. The price of June Brent crude futures dropped by 29 cents, or 0.4%, to $66.28 a barrel by 06:45 GMT, following a 48-cent decline on Tuesday. West Texas Intermediate (WTI) crude for June delivery fell 34 cents, or 0.5%, to $62.33 a barrel. The May contract expired on Tuesday, down 1.5% to $62.44. The market was further affected by data from the American Petroleum Institute, which showed growth in crude inventories and distillates for the week ending April 16, according to market sources, contrary to analysts' expectations of a decline in inventories.