Oil prices fall 1% on worries of pandemic surge in India
Oil prices settled lower on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report a day earlier that U.S. crude inventories fell more sharply than expected.
Brent crude oil settled lower by 87 cents, or 1.3%, at $68.09 a barrel.
West Texas Intermediate (WTI) U.S. crude futures dropped 92 cents, or 1.4%, to $64.71.
On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains.
India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation, dashing hopes that its deadly second wave was about to peak.
Reference: Reuters
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