Oil Prices Decline, The Increase in Covid-19 Cases in India Weakens Demand Forecast

Oil prices fell for a second day Wednesday, April 21, under pressure from fears that the rise in Covid-19 injuries in India will push demand for crude to fall in the third largest oil importer in the world.

The price of Brent crude futures for June delivery fell 29 cents, equivalent to 0.4%, to 66.28 dollars, after falling 48 cents on Tuesday.

And West Texas Intermediate crude futures for June delivery fell 34 cents, equivalent to 0.5%, to $ 62.33 a barrel. The May contract expired on Tuesday, down 1.5% at $ 62.44.

The market was hit more by the American Petroleum Institute data, which showed the growth of crude and distillate stocks in the week ending April 16, according to two sources in the market, compared with analysts’ expectations for a decline in stocks.