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Oil rebounds, but gains limited amid demand concerns as India reels from COVID-19

Brent crude was up 36 cents, or 0.6 percent, at $66.01 a barrel by 0334 GMT, after dropping 0.7 percent on Monday. US oil gained 36 cents, or 0.6 percent, to $62.27, having declined by 0.4 percent the previous session.

April 27, 2021 / 11:40 AM IST
Source: Reuters

Source: Reuters

Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases.

Brent crude was up 36 cents, or 0.6 percent, at $66.01 a barrel by 0334 GMT, after dropping 0.7 percent on Monday. US oil gained 36 cents, or 0.6 percent, to $62.27, having declined by 0.4 percent the previous session.

India's woes comes as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are set to discuss policy on production at a meeting this week.

The OPEC+ joint technical committee has maintained a forecast for growth in oil demand growth this year, but has concerns about the surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.