New Telegraph

Oil slips to $68.54pb on pandemic surge in India

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID- 19 infections in India and elsewhere although prices retained some support from a report the previous session that showed U.S. crude inventories fell much more sharply than expected. Brent crude oil futures fell by 43 cents, or 0.6%, to $68.54 a barrel by 11:47 a.m. ET (1547 GMT). West Texas Intermediate (WTI) U.S. crude futures slipped 54 cents, or 0.8%, to $65.09. “When Saudi Arabia cut their crude selling price, it was a stark reminder that there are still pockets of danger of COVID that could impact demand,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago. On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world’s second-most populous nation, dashing hopes that the country’s deadly second wave was about to peak.

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