Oil prices rebounded after falling in the previous session, but the gains were still limited due to market concerns over fuel demand following the surge in the Covid-19 case in India.
In the European session, US WTI traded stable at $ 62.43 a barrel, while Brent crude futures were positive at $ 65.47 a barrel.
The situation of Covid-19 in India, the world’s third largest oil consumer, is increasingly worrying the market.
India is now the epicenter of a global epidemic, with infections rising by 352,299 in the last 24 hours resulting in congestion in hospitals and running out of oxygen supply as well as beds.
On the supply side, the Joint Technical Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will meet today to discuss crude oil production policy.
Prior to the meeting, OPEC+ issued a statement that it still maintains a stronger forecast of a recovery in global oil demand in 2021.
Yet, at the same time, OPEC+ also said it was worried the surge in Covid-19 cases in India would obscure the prospects for recovery.
