Business - Market Data
Updated: April 19, 2021

Oil Prices Drop As Rising COVID-19 Infections Stir Concerns

By Oluwatosin Ogunjuyigbe
April 19, 2021
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Oil prices dropped on Monday as reports of increasing Covid-19 infections in India, Brazil, and other countries raised concerns that oil demand might be affected.

Brent crude was down 23 cents, or 0.3 percent, at $66.54 a barrel by 05:26 WAT, after rising 6 percent last week. U.S. oil was down 27 cents, or 0.2 percent, at $62.96 a barrel, having gained 6.4 percent last week.

ANZ Research said in a report on Monday "The progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries".

India on Monday reported a record rise in coronavirus infections of 273,810, increasing overall cases to just over 15 million to make the country the second-worst affected after the United States, which has reported more than 31 million infections. India's deaths from COVID-19 rose by a record 1,619 to nearly 180,000.

Several countries are now strengthening measures to curb the pandemic including Japan where fears of a fourth wave of coronavirus are rising despite its relatively fewer cases. Hong Kong authorities stated on Sunday that flights from India, Pakistan, and the Philippines will be suspended from April 20th.