Oil prices fell on Monday amid growing concerns that the rise in the number of cases of coronavirus infections in India and other countries will lead to stronger measures and affect economic activity, as well as demand. commodities such as crude.
Brent was down 43 cents, or 0.6%, to $ 66.34 a barrel at 0139 GMT, after rising 6% last week. US oil fell 42 cents, or 0.7%, to $ 62.71 a barrel, after gaining 6.4% last week.
“With … an upsurge in cases of the virus in India and Japan, high profile ambitions continue to face walls of profit taking,” said Stephen Innes, chief market strategist at Axi.
India reported 261,500 new coronavirus infections on Sunday, bringing cases to nearly 14.8 million, just behind the United States, which has reported more than 31 million infections. Read more
Deaths in India from COVID-19 increased from a record 1,501 to a total of 177,150.
Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 due to imported coronavirus infections, authorities said in a statement Sunday evening. Read more
Japanese companies believe the world’s third-largest economy will experience a fourth round of coronavirus infections, many of which are bracing for yet another blow to businesses, a monthly Reuters poll has shown. Read more
Japan has had far fewer cases of COVID-19 than many other major economies, but concerns about a new wave of infections are growing rapidly, according to their survey responses.
A slower rollout of vaccinations compared to other advanced Group of Seven countries and the lack of a sense of crisis among the public will trigger a new wave of infections, some companies wrote in the poll.
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