LONDON — Oil prices fell almost $1 on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer, while an expected supply increase from OPEC+ also added to the pressure.
Brent crude was 89 cents, or 1.4%, lower at $65.22 a barrel by 0846 GMT. U.S. West Texas Intermediate (WTI) crude was down 87 cents, or 1.4%, at $61.27 a barrel.
Both benchmarks fell about 1% last week.
“The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed,” said Commerzbank analyst Eugen Weinberg.
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Keep on reading: Oil falls as India’s COVID-19 surge dents demand outlook