Oil drops more than 1 percent as demand concerns mount

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Crude oil prices fell more than 1 percent on Friday, driven by fears of declining global demand due to the widening Corona pandemic in India.

In addition to negative industrial data in China, to erase the impact of faster-than-expected growth for the US economy.

By 10:20 (GMT), benchmark Brent crude for July delivery was down 80 cents, or 1.18 percent.

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To trade at 67.25 cents, down from a 6-week high, Brent crude touched it on Thursday in the last day of June’s contracts.

US West Texas Intermediate crude for June delivery fell 94 cents, or 1.45 percent, to $ 64.0.7 a barrel.

Fears of declining global demand for crude are increasing with the persistence of India, the third largest energy consumer in the world.

This is in connection with setting record numbers in the number of “Coronavirus infections, and many countries of the world have stopped the movement of travel to and from Indian destinations.

And on Friday, the Indian Ministry of Health announced the registration of 386,452 new cases of “Coronavirus”, in the highest daily toll in one country since the start of the pandemic.

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This brings the total number of HIV infections in the country to 18 million and 763 thousand cases.

The virus also killed 3,498 people in the past 24 hours, which raises the death toll to about 209,000 deaths.

Crude prices faced another disincentive, as official data showed factory activity in China, the second largest energy consumer, slowed, below expectations in April.

Crude prices also rose on Thursday, supported by data from the US Commerce Department.

The world’s largest economy showed a growth of 6.4 percent in the first quarter of 2021, faster than expectations thanks to the vaccination campaign and stimulus packages.