TOKYO (Reuters) – Oil costs fell on Monday amid mounting considerations that surging caseloads of coronavirus infections in India and different international locations will result in stronger measures and hit financial exercise, together with demand for commodities equivalent to crude.
Brent crude was down 43 cents, or 0.6%, at $66.34 a barrel by 0139 GMT, after rising 6% final week. U.S. oil was down 42 cents, or 0.7%, at $62.71 a barrel, having gained 6.4% final week.
“With … a resurgence of virus circumstances in India and Japan, topside ambitions proceed to run into partitions of profit-taking,” stated Stephen Innes, chief market strategist at Axi.
India reported 261,500 new coronavirus infections on Sunday, taking circumstances to almost 14.8 million, second solely to the USA, which has reported greater than 31 million infections.
India’s deaths from COVID-19 rose by a report 1,501 to achieve a complete of 177,150.
Hong Kong will droop flights from India, Pakistan and the Philippines from April 20 as a result of imported coronavirus infections, authorities stated in a press release late on Sunday.
Japanese firms consider the world’s third-largest financial system will expertise a fourth spherical of coronavirus infections, with many bracing for an additional blow to enterprise, a Reuters month-to-month ballot confirmed.
Japan has had far fewer COVID-19 circumstances than many different main economies, however considerations a few new wave of infections are rising quick, in accordance with their responses within the ballot.
A slower rollout of vaccinations in contrast with different Group of Seven superior international locations and the shortage of a way of disaster among the many public will set off a brand new wave of infections, some firms wrote within the ballot.
(Reporting by Aaron Sheldrick; Enhancing by Michael Perry)
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