Oil slides as demand fears rise on India crisis, U.S. stocks build
Oil prices slid on Wednesday as a surge in COVID-19 cases in India and a surprise build in U.S. crude stocks outweighed confidence for a solid global fuel demand recovery.
Brent crude futures fell 0.05%, or 3 cents, at $66.39 per barrel, after climbing 1.2% on Tuesday. U.S. West Texas Intermediate crude futures lost 0.08%, or 5 cents, at $62.89 per barrel, following a 1.7% rise in the last session.
The fast spread of COVID-19 infections in India, Brazil, and Japan raised doubts on near-term demand recovery and weighed on sentiment.
India’s coronavirus death toll surpassed 200,000 on Wednesday as hospitals struggled with new record highs of cases.
The API reported crude stocks climbed by 4.319 million barrels compared with analysts’ expectations for a much bigger increase.