WASHINGTON (dpa-AFX) - Oil prices fell for a second day running on Wednesday amid concerns that climbing Covid-19 cases in India and further restrictions to limit the spread will dampen the demand outlook. India is the world's third biggest oil consumer.
Brent crude futures for June settlement fell 91 cents, or 1.4 percent, to 65.66 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for June delivery were down 79 cents, or 1.3 percent, at $61.88. The May contract expired on Tuesday down 1.5 percent at $62.44.
India is currently being hit hardest by the pandemic, reporting a record number of infections and deaths. Health ministry data on Wednesday showed a record 2,023 fatalities and 295,000 new cases in 24 hours.
Medical oxygen, a crucial resource in treating critically-ill coronavirus patients, has been in short supply with the second wave of the pandemic resulting in tremendously high demand across the country.
Industry data showing a build in crude oil inventories also weighed on oil prices.
The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16, while analysts had predicted a draw of 2.860 million barrels for the week.
The U.S. Energy Information Administration will release its inventory data later in the session.
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