Analysis Market overview

BRENT overview 07.05.2021

Oil falls on India worries.

Oil under bearish pressure today amid rising COVID-19 infections in India. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages, destroying hopes that its second wave was about to peak. India’s opposition leader Rahul Gandhi warned that unless the second wave was brought under control it would decimate India as well as threaten the rest of the world. These reports are fuelling fears that oil demand may recover more slowly. The strength of the fears was made clear when the latest news of falling U.S. crude inventories failed to support the prices. U.S. crude inventories fell by 8 million barrels in the most recent week, compared with expectations for a drop of 2.3 million barrels.

Except sellers on upward corrections.

Next support to watch – 65.86

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