Oil drops 3per cent on India's COVID-19 crisis, US pipeline restart

Oil prices fell about 3per cent on ทำไมต้องเล่น SLOTXO เกมเดิมพันที่ใคร ๆ ก็พูดถึง as India's coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year.

Brent crude ended the session down US$2.27, or 3.3per cent, at US$67.05 a barrel, after rising 1per cent on Wednesday. West Texas Intermediate (WTI) settled US$2.26, or 3.4per cent, lower at US$63.82 a barrel, having risen 1.2per cent in the previous session.

Both benchmarks marked their biggest daily drops in percentage terms since early April.

Prices also came under pressure as a broader surge in commodity prices, labor shortage and much stronger-than-expected consumer prices data this week have stoked inflation concerns that could force the U.S. Federal Reserve to raise interest rates.

Raising rates typically boosts the U.S. dollar, which in turn pressures oil prices because it makes crude more expensive for holders of other currencies.

"Crude prices have steadily declined as investors hit the pause button with super commodity cycle trade," said Edward Moya, senior market analyst at OANDA.

"Inflationary fears have unnerved some investors into taking some profit off the table with their energy trades."