India Coronavirus Cuts Oil Prices

Baghdad Oil prices declined today, Monday, as reduced demand in India, affected by the Coronavirus, reduced optimism for a recovery in oil prices.

Preliminary data showed: “Domestic fuel sales to Indian state refiners declined in April, due to restrictions aimed at stopping the second outbreak of Coronavirus infections.”

Brent crude for July settlement fell 0.26 percent to $ 66.50 a barrel on the ICE Futures Exchange at 05:24 GMT.

West Texas Intermediate for June delivery fell 0.28% to $ 63.30 a barrel on the New York Mercantile Exchange.

Source: National Iraqi News Agency