Oil prices were mixed in choppy trade on Friday after surveys showed the euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April.

Brent crude for June delivery slipped 0.2 percent to $65.30 per barrel, giving up early gains. West Texas Intermediate (WTI) U.S. crude futures were up 0.2 percent at $61.52 a barrel.

Economic growth is picking up in Europe, raising hopes that fuel demand will recover.

The flash reading of the IHS Markit Eurozone composite purchasing managers’ index rose to a nine-month high of 53.7 in April from 53.2 in March.

Strong retail and PMI figures from the U.K. also suggested that the global economy is well positioned for a speedy recovery from the pandemic.

On the flipside, oil demand concerns in India and Japan due to rising Covid cases are capping the upside in oil prices.

India and Japan are the world’s third and fourth largest oil importers.

India recorded over 3 lakh cases for the second straight day today, clocking 3,32,730 cases in the last 24 hours, the Union Health Ministry said.

With this, India’s trend of registering the world’s highest daily tally continues, pushing the country’s total infection count to 16,263,695 cases.

Several countries, including Australia, Britain, Canada, and the United Arab Emirates have barred or cut flights from India.

In Japan, officials are looking at a state of emergency for Osaka and Tokyo to curb the spread.

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

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