India’s COVID-19 surge hits global oil prices

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India’s COVID-19 surge hits global oil prices

timestampApr 22, 2021 authorAlShorts Web Desk

Global oil prices witnessed a substantial drop following the surge of Covid-19 cases in India. The price dropped by 29 cents to USD 66.28 a barrel following the dampening demand by the third biggest importer of crude oil. Ravindra Rao, Vice President for commodities at Kotak Securities, said that restrictions in the wake of second wave of Covid-19 has affected the demand adversely.

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