Oil Prices Down As Virus Cases Temper Demand In India
Sumaira FH 2 months ago Mon 26th April 2021 | 03:40 PM
ANKARA, (UrduPoint / Pakistan Point News - 26th Apr, 2021 ) :Oil prices were down on Monday from the record number of daily corona-virus cases in India, crashing fuel demand in the world's third-largest oil importer.
International benchmark Brent crude was trading at $64.69 per barrel at 0654 GMT for a 1.11% decrease after closing Friday at $65.42 a barrel.
American benchmark West Texas Intermediate (WTI) was at $61.47 per barrel at the same time for a 1.07% drop after it ended the previous session at $62.14 a barrel.
India has registered an exponential increase in daily corona-virus cases to over 300,000 since Thursday last week. This has led to a shortage of oxygen in hospitals and has brought the country's health system to the verge of collapse.
Recording another global record on Monday, the country registered 352,991 new infections, according to the country's Health Ministry.
Facing tough questions over its management of the pandemic, the government has now taken more steps to tackle the second deadly wave, pressing railways, the air force and the navy to transport oxygen across the country.
The group decided in their previous meeting at the beginning of April to increase production by 2.1 million barrels per day (bpd) up to the end of July, incrementally easing the current production cut of 7.9 million bpd.