Oil prices dropped for the second day on Wednesday, amid worries that a resurgence of COVID-10 cases in India, the world’s third-biggest oil importer, will dampen global fuel demand. Meanwhile, the US has urged Americans to reconsider any international travel they plan, adding that it would issue specific warnings not to visit roughly 80% of the world’s countries. Sentiment was also rattled by data showing a surprise build in US crude oil inventory last week.
Meantime, Iranian President Hassan Rouhani said on Tuesday that US-Iran nuclear negotiations in Vienna had progressed by around 60-70% with a breakthrough in the talks likely seeing the lifting of US sanctions on Tehran’s energy sector, which means more supply to a market that is already grappling with the impending easing of OPEC+ production cuts. At around 06:30 AM GMT, WTI oil fell 0.6% to $62.28 a barrel. Brent crude also declined 0.6% to $66.18 a barrel.
