Tokyo — Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by predictions by the International Energy Agency and oil cartel Opec that demand is coming back strong.
“The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high,” Edward Moya, senior market analyst at Oanda, said in a note. A day earlier, Opec stuck to its forecast for a strong return of world oil demand in 2021, with growth in China and the US cancelling out the effect of the coronavirus crisis in India.
Medical professional are still unable to say for sure when new infections will hit a plateau and other countries are alarmed over the transmissibility of the variant that is now spreading worldwide.
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