Oil prices slightly down on Wednesday over fears that the pace of economic and global oil demand recovery in many Asian countries, primarily India, would slow down due to the coronavirus cases in the region.
International benchmark Brent crude was trading at $67,98 per barrel at 0721 GMT for a 1.07% drop after closing Monday at $68.71 a barrel.
American benchmark West Texas Intermediate (WTI) was at $64,67 per barrel at the same time for a 1.2% fall after it ended the previous session at $65.49 a barrel.
Global oil prices were up supported by strong demand recovery signs after lockdowns eased in some European countries, including the UK and Portugal, while many US states lifted restrictions allowing businesses to reopen.
Restrictions are relaxing and life is returning to normal in major economies progress signals an economic recovery and in global oil demand from damages wrought by the pandemic.
However, India’s daily coronavirus cases dropped below 300,000, the Health Ministry data showed. According to the ministry, 4,329 deaths and 263,533 new cases were recorded in the last 24 hours, taking the total cases to 25.23 million.
By Gulsen Cagatay