TOKYO- Oil prices fell on Thursday after a slump in the previous session, as rising US stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible US rate hikes.
Brent crude was down 6 cents, or 0.1 percent, at $66.60 a barrel, having fallen 3 percent on Wednesday. US oil fell 7 cents, or 0.1 percent, to $63.29 a barrel, after a 3.3 percent drop in the previous session.
“A resurgence in COVID-19 cases across parts of Asia is doing little to support the market in the near term,” ING Economics said in a note.
Almost two-thirds of people tested in Indian show exposure to the coronavirus, suggesting a spiraling spread of the virus as the daily death toll rose to a record 4,529.
The decline in prices this week was given added impetus on Wednesday after media reports said the US and Iran have made progress in talks over Tehran’s nuclear program that could result in sanctions being lifted and more supply coming to the market. – Reuters
