Oil drops with surging COVID-19 cases raising doubts on demand

Shafaq News/ Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude.

Brent crude was down 11 cents, or 0.12%, at $66.65 a barrel by 0526 GMT, after rising 6% last week. West Texas Intermediate (WTI) U.S. oil was down 8 cents, or 0.08%, at $63.13 a barrel, having gained 6.4% last week.

India reported a record rise in coronavirus infections of 273,810 on Monday, increasing overall cases to just over 15 million, making the country the second-worst affected after the United States, which has reported more than 31 million infections.

In Japan, which has had far fewer COVID-19 cases than other top economies, companies there will be a fourth round of infections, with many bracing for a further blow to business.