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Oil falls for second day as India's Covid-19 surge to
dent fuel demand
India, also the world's third-largest oil user, on Tuesday reported its worst daily death toll from Covid-19
and is facing an oxygen supply crisis to treat patients
By Sonali Paul
MELBOURNE (Reuters) - Oil prices fell for a second day on Wednesday on concerns that soaring COVID-19
cases in India will drive down fuel demand in the world's third-biggest oil importer.
Brent crude futures for June fell 52 cents, or 0.8%, to $66.05 a barrel at 0157 GMT, after dropping 48 cents on
U.S. West Texas Intermediate (WTI) crude futures for June fell 56 cents, or 0.9%, to $62.11 a barrel. The May
contract expired on Tuesday down 1.5% at $62.44.
"You've seen refiners there (in India) scale back runs because demand has fallen with the spread of lockdowns.
That's clearly weighing on the market and sentiment," said Lachlan Shaw, head of commodity research at National
India, also the world's third-largest oil user, on Tuesday reported its worst daily death toll from COVID-19 and is
facing an oxygen supply crisis to treat patients. Large parts of the country are now under lockdown due to a huge
second wave of pandemic.
Further weighing on the market, data from the American Petroleum Institute (API) industry group showed U.S.
crude oil and distillate stocks rose in the week ended April 16, according to two market sources, compared with
analysts' forecasts for declines in crude and distillate inventories.