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India on Monday reported more than 300,000 new coronavirus cases
for a 12th straight day. The new wave of the virus has already
led to a drop in fuel sales in the world's third-largest
consumer in April.
Brent crude fell 35 cents, or 0.5%, to $66.41 a barrel by 1000
GMT. U.S. West Texas Intermediate dropped 27 cents, or 0.4%, to
$63.31.
"There is no doubt that India plays a major role when we talk
about oil demand," said Avatrade analyst Naeem Aslam. "As for
the rest of the world, such as China, Europe, the Middle East
and the U.S., the coronavirus vaccination process continues to
roll on and we see tremendous progress."
The U.S. and China are the world's top two oil consumers. As of
Sunday morning, the United States had administered 245,591,469
vaccine doses. China had given 275.34 million doses as of
Sunday.
Brent has rallied almost 30% this year, recovering from last
year's historic lows thanks to record supply cuts by the
Organization of the Petroleum Exporting Countries (OPEC) and its
allies, together known as OPEC+.
"The technical picture continues to suggest that oil's price
recovery remains intact," said Jeffrey Halley, analyst at
brokerage OANDA.
Higher supply limited oil's gains, however. OPEC+ decided last
week to stick to a plan to boost supply slightly from May 1 and
OPEC's production climbed in April, led by a boost from Iran, a
Reuters survey found. [OPEC/O]
In another development that could allow a further boost in
Iranian supply, Tehran and world powers are holding talks to
revive the 2015 nuclear deal.
(Additional reporting by Florence Tan; Editing by David Goodman)
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