Oil prices drop 2% on US crude build, Covid-19 surge in India

Oil prices drop 2% on US crude build, Covid-19 surge in India

The Edge Markets - World·2021-04-22 15:07

NEW YORK (April 22): Oil prices on Wednesday fell for a second day to their lowest in a week on a surprise build in U.S. crude inventories and concerns surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.

Brent futures settled $1.25, or 2%, lower at $65.32 a barrel, while U.S. West Texas Intermediate (WTI) crude for June fell $1.32, or 2.1%, to $61.35. The new WTI June front-month was down about 1.8% from where the May contract expired on Tuesday.

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