Oil Declining But The Optimism of Demand Growth in America and Europe Keeps Prices Support

Oil prices plunged today, erasing gains made earlier in the session after more US states eased lockdown measures and the European Union sought to attract travelers, which helped offset concerns about fuel demand in India as the pace of Covid-19 infections accelerated.

Prior to the opening of European indices, Brent crude futures fell seven cents, equivalent to 0.1% , to $ 67.49 a barrel, after an increase of 1.2% on Monday.

US West Texas Intermediate crude futures fell six cents, or 0.1%, to $ 64.43 a barrel, after gaining 1.4% yesterday.

In India, the total number of injuries so far has risen to just under 20 million, by crossing the barrier of 300,000 new cases for twelve consecutive days, which is expected to hurt the demand for fuel in the world’s most populous country after China.