Representative image
Representative image
File photo

As COVID-19 cases surged in the country, its impact was felt on oil prices. On Monday, oil prices fell as investors adjusted positions ahead of a planned increase in OPEC+ oil output from May.

Brent crude futures dropped 38 cents, or 0.6 percent, to $65.73 a barrel by 0507 GMT, following a 1.1 percent rise on Friday, Reuters said. US West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.5 percent, at $61.83 a barrel, after rising 1.2 percent on Friday.

Both benchmark crudes fell about 1 percent last week.

"Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand," Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co, to Reuters.

Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, saying on Sunday the "storm" of infections had shaken India, as the country set a new global record for the most COVID-19 infections in a day. read more

In Japan, the world's fourth-largest oil buyer, a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday, affecting nearly a quarter of the population as the country attempts to combat a surge in cases.

"Investors, including speculators, have been shifting funds from oil markets to grain markets recently as volatility has been much higher in prices of corn and other grains," Fujitomi's Saito said, Reuters reported.

Meanwhile, petrol and diesel prices remained unchanged in India on Monday (April 26). According to the Indian Oil Corporation, in Delhi, petrol is being sold at Rs 90.40 per litre, and diesel at Rs 80.73 per litre, In Mumbai, petrol is being sold at Rs 96.83 per litre and diesel is priced at Rs 87.81 per litre, according to the state-run oil refiner.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal