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April 22, 2021

Covid-19 Tsunami In India, Oil Prices Plunge

 Oil prices fell for the third day in a row, weighed down by market concerns over the resurgence of the Covid-19 case, particularly in India, and a sharp increase in U.S. crude oil supplies.


In the Asian session, Brent crude futures fell sharply to $ 64.57 a barrel, while US WTI fell to $ 60.77 a barrel.


Both benchmarks fell over 2% on Wednesday, and so far this week, it has dropped over 3%.



U.S. crude oil supplies, unexpectedly rose higher last week with an increase of around 600,000 barrels, the Energy Information Administration (EIA) reported.


With this recorded increase, the market is worried that the demand for crude oil will be affected due to the increase in coronavirus cases that have exploded again in some countries.


India, the world’s third largest oil consumer, recorded more than 200,000 cases every day in a single week. In fact, the figures recorded also show no sign of abating. Most recently, more than 300,000 cases were reported on Thursday.


Meanwhile in Japan, the world's fourth -largest oil importer, is considering a state of emergency for Tokyo and Osaka following an increasing number of new cases.