Oil falls from six-week high as India crisis weighs on demand
Oil prices fell on Friday, taking a breather after hitting their highest level in six weeks as worries of wider lockdowns in India and Brazil offset a bullish outlook on summer fuel demand and pandemic recovery.
Brent crude dropped 0.4%, or 29 cents, at $68.27 per barrel, the last trading day for the front-month June contract. U.S. West Texas Intermediate crude for June delivery slid 0.5%, or 35 cents, at $64.66 per barrel.
Brent is on course to rise almost 8% in April, while WTI is projected to gain 10%. The increases will be the fifth monthly gain for both contracts in six months as global demand recovers back to pre-pandemic levels.
Demand recovery has been boosted by massive fiscal stimulus and the easing of lockdowns in several countries. On top of that, OPEC production cuts also eased oversupply. Speedy vaccination rollouts also restored confidence in travel.