Crude oil prices drifted lower on Tuesday amid rising concerns about outlook for energy demand due to surging coronavirus infections in India.

News about possible antitrust lawsuits against the Organization of the Petroleum Exporting Countries (OPEC) over production cuts weighed as well on the commodity’s price.

West Texas Intermediate Crude oil futures May ended down $0.94 or about 1.5% at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2% at $62.67 a barrel.

Brent crude futures were down $0.55 or 0.82% at $66.50 a barrel a little while ago.

Oil prices rose early on in the session after Libya’s National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country’s central bank.

However, prices retreated as the day progressed, and the futures contracts settled notably lower.

Coronavirus cases have been rising sharply in India. Although the government has insisted on strict precautions to halt the spread of the virus, it stopped short of imposing lockdowns.

The material has been provided by InstaForex Company – www.instaforex.com

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