Oil prices extended losses on Monday, with WTI trading below $62 a barrel and Brent about $66 a barrel as a surge in COVID-19 cases in Asia stoked worries that a recovery in fuel demand may be stalled. India saw a fifth straight day of record jump in virus cases on Monday, while Japan announced its third state of emergency for Tokyo, Osaka, and two other prefectures. At the same time, Reuters reported that traders adjusted positions ahead of a planned increase in OPEC+ oil output from May. Elsewhere, Tehran might see sanctions lifted, and more barrels could return to the market if negotiations to revive the 2015 nuclear deal are successful. Last week, the US benchmark fell by 2%, while Brent was down 1%.
