Oil prices fell on Monday amid rising coronavirus infections in India and other countries over the concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude.
Brent crude was down 23 cents, or 0.3%, at $66.54 a barrel by 0426 GMT, after rising 6% last week. US oil was down 27 cents, or 0.2%, at $62.96 a barrel, having gained 6.4% last week.
“The progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries,” such as India and Brazil, said ANZ Research in a report on Monday.
India reported a record rise in coronavirus infections of 273,810 on Monday.
Meanwhile, Hong Kong announced on Sunday suspension of flights from India, Pakistan and the Philippines from April 20 due to imported coronavirus infections.
