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Crude oil falls for the second day in a row as COVID-19 cases rise in India

21 Apr 2021 03:25 PM

Oil prices fell for a second day, influenced by fears that a rise in cases of Coronavirus in India would reduce fuel demand in the world's third largest oil importer.

Brent crude prices fell to $ 64.50 a barrel, its lowest level in 5 days, on its way to its biggest daily decline in more than two weeks. Also, US West Texas Intermediate crude oil prices fell to $ 60.90 a barrel.

India, the world's third largest consumer of oil, on Wednesday announced another record increase in the number of daily deaths from the Coronavirus. And to further affect the market, data from the American Petroleum Institute Industry Group showed that inventories of crude oil and distillates rose in the United States in the week ending April 16th.

The sources reported that crude inventories rose by 436,000 barrels, and the US Energy Information Administration will release its inventory data last week later today.

Adding to the possibility of an increase in oil supplies, Iran and world powers have made progress in talks to save the 2015 nuclear deal, which, if successful, could lead to the lifting of sanctions and the return of more Iranian barrels to the market.

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