Oil prices fell on Friday, after having touched their highest in six weeks on strong U.S. economic data and an expected recovery in demand.
Brent crude futures for July delivery fell 72 cents, or 1.1 percent, to 67.33 per barrel, while U.S. West Texas Intermediate crude futures for June settlement were down 83 cents, or 1.3 percent, at $64.18.
COVID-19 worries weighed as India reported another spike with 3.86 lakh new cases. The biggest cities in India are on lockdown again, dampening the prospect of energy demand.
Brazil’s coronavirus death toll has surpassed 400,000, while Japan’s nationwide tally of new infections climbed to 5,918 Thursday, the highest since the second state of emergency was completely lifted in late March.
Disappointing factory activity data from China and Europe’s double-dip pandemic recession also weighed on oil prices.
China’s factory activity growth slowed and missed forecasts in April, although the unofficial Caixin/Markit manufacturing PMI rose to 51.9 from 50.6 in March.
Eurozone GDP shrank by 0.6 percent in the first three months of this year as slow vaccine rollout and ongoing lockdowns delayed recovery, new figures from Eurostat showed.
The material has been provided by InstaForex Company – www.instaforex.com
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