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Oil fell for the third day in a row as global COVID cases rose


Oil futures continued to be under pressure on Thursday, for a third straight session decline, with weakness associated with the continued rise of COVID-19 cases outside the United States, highlighting concerns about demand for energy when business and consumption activities stall.

West Texas crude intermediate for June delivery
CL00,
-0.59%

CLM21,
-0.59%

down 36 cents, or 0.6 percent, at $ 60.99 a barrel on the New York Mercantile Exchange. June Brent crude oil
BRN00,
-0.69%
,
global standards, down 40 cents, or 0.6%, at $ 64.92 / barrel on ICE Futures Europe.

India on Thursday saw 314,835 new COVID-19 cases, said news reports, marking a daily tally record.

Eugen Weinberg, an analyst at Commerzbank, said: “A further increase in the number of new COVID cases in India, where more than 300,000 people contracted coronavirus for the first time within 24 hours, is raising suspicions about How demand will develop there, ”said Eugen Weinberg, an analyst at Commerzbank, in a Note.

The sharp increase in the number of cases in Japan is also a matter of concern, with officials weighing an emergency for Osaka and Tokyo. Weinberg notes that India and Japan are among the world’s largest oil consumers and importers.

In contrast, the picture of demand in the US is strong, he noted. While data released on Wednesday showed US crude inventories increased, gasoline demand rose to 9.1 million barrels a day – the highest level since peaking during last summer’s driving season, Weinberg said.

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