Oil Prices Dropping From Their Highest in 6 Weeks Due to Fears of India’s Demand And Weak Japanese Imports

Oil prices fell from six-week highs on Friday (April 30th) as investors scaled back their positions after weak data on Japan’s crude imports and concerns about fuel demand in India as coronavirus cases soar.

West Texas Intermediate crude and Brent crude recorded the biggest one-day loss in more than three weeks, but they were ending the month with gains of around 6% and 8%, respectively.

Demand for fuel around the world contrasts with rising consumption in the United States and China, while other countries are resuming closures to halt the growing rate of coronavirus cases.

Brent contracts ended the trading session down $1.31, or 1.9%, to settle at $67.25 a barrel on the last trading day for June delivery.

US crude futures for June delivery fell 1.43 dollars, or 2.2%, to settle at 63.58 dollars a barrel.

Brent ended the week up 1.7%, while West Texas Intermediate crude was up 2.3%.