{"id":113280,"date":"2021-04-30T17:36:49","date_gmt":"2021-04-30T17:36:49","guid":{"rendered":"https:\/\/fin2me.com\/?p=113280"},"modified":"2021-04-30T17:36:49","modified_gmt":"2021-04-30T17:36:49","slug":"india-demand-fears-weak-japan-crude-imports-knock-oil-prices-2","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/india-demand-fears-weak-japan-crude-imports-knock-oil-prices-2\/","title":{"rendered":"India demand fears, weak Japan crude imports knock oil prices 2%"},"content":{"rendered":"
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS\/Nick Oxford<\/figcaption>

NEW YORK (Reuters) – Oil prices were down 2% on Friday, falling from six-week highs as investors unloaded positions after weak Japanese crude import data and on worries about fuel demand in India, where COVID-19 infections have soared.<\/p>\n

U.S. crude and global benchmark Brent were set for their biggest daily drops in about three weeks, but were still on track for monthly gains of about 8% and 6%, respectively. Fuel demand worldwide is mixed but consumption is rising in the United States and China.<\/p>\n

Brent crude fell by $1.30, or 1.9%, at $67.26 a barrel by 12:48 p.m. EDT (1648 GMT), the last day of trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $63.67 a barrel, down $1.34, or 2.1%.<\/p>\n

\u201cThe tug of war between summer demand growth prospects and worsening COVID infections is still in full swing,\u201d JBC Energy analysts wrote on Friday.<\/p>\n

India, the world\u2019s third largest oil consumer, is in deep crisis, with hospitals and morgues overwhelmed, as the number of COVID-19 cases topped 18 million on Thursday.<\/p>\n

Japan\u2019s – another major crude oil importer – imports fell 25% in March from a year earlier to 2.34 million barrels per day, according to government figures. However, the country\u2019s factory activity expanded at the fastest pace since early 2018.<\/p>\n

\u201cThere are still several major countries struggling mightily with the COVID-19 and of course there is a humanitarian crisis developing in India,\u201d said John Kilduff, partner at Again Capital. \u201cThese are two big sources of demand that are taking a hit.\u201d<\/p>\n

OPEC oil output rose in April due to more supply from Iran, countering the cartel\u2019s pact with allies to reduce supply.<\/p>\n

A Reuters survey forecast that Brent would average $64.17 in 2021, up from last month\u2019s consensus of $63.12 per barrel and the $62.3 average for the benchmark so far this year.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. 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