Oil Falls as Rising Global COVID-19 Numbers Fuel Demand Worries By Investing.com

Oil Falls as Rising Global COVID-19 Numbers Fuel Demand Worries

CommoditiesApr 18, 2021 11:37PM ET

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Oil Falls as Rising Global COVID-19 Numbers Fuel Demand Worries

By Gina Lee

Investing.com – Oil was down Monday morning in Asia, as rising numbers of COVID-19 cases globally stoked fuel demand recovery fears.

Brent oil futures rose 0.45% to $66.47 by 11:32 PM ET (3:32 AM GMT). WTI futures held steady at $63.19 after rolling over to the June 2021 contract on Apr. 18.

"With ... a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking," Axi chief market strategist Stephen Innes told Reuters.

India reported 261,500 new COVID-19 cases on Sunday, and currently has the second-highest number of cases globally after the U.S. The number of deaths globally has also surpassed the 3 million mark as of Apr. 19, according to Johns Hopkins University data.

Hong Kong on Sunday slapped a two-week ban on flights from India, Pakistan and the Philippines in effect from Apr. 20, as the first two cases of the mutated N501Y COVID-19 strain were reported over the weekend.

Numbers are also rising in Japan, which is on the cusp of a fourth wave of infections, which in turn could impact fuel demand in the world’s third-largest economy.

A slower-than-expected rollout of COVID-19 vaccines is also of concern to investors. Investors are also keeping an eye on the global crude oil supply, with data from the American Petroleum Institute due on Tuesday.

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US 30 Futures	33,816.5	-18.5	-0.05%
US 500 Futures	4,238.88	+2.63	+0.06%
Dow Jones	33,934.61	-10.97	-0.03%
S&P 500	4,249.90	+3.47	+0.08%
Nasdaq	14,291.5	+38.2	+0.27%
S&P 500 VIX	16.10	-0.56	-3.36%
Dollar Index	91.817	+0.066	+0.07%

Crude Oil WTI	73.22	+0.37	+0.51%
Brent Oil	75.26	+0.45	+0.60%
Natural Gas	3.329	+0.071	+2.18%
Gold	1,777.05	-0.35	-0.02%
Silver	25.913	+0.056	+0.22%
Copper	4.3200	+0.0900	+2.13%
US Soybeans	1,381.75	-13.25	-0.95%

SPDR S&P 500	423.36	+0.25	+0.06%
iShares Russell 2000	229.33	+1.42	+0.62%
Invesco QQQ Trust	348.04	+0.47	+0.14%
Direxion Daily Junior Gold Miners Bull 2X Shares	85.84	-0.26	-0.30%
iShares Silver	23.97	+0.12	+0.50%
ProShares Ultra VIX Short-Term Futures	28.82	-1.18	-3.93%
ProShares UltraPro QQQ	116.05	+0.50	+0.43%

Apple	133.90	-0.08	-0.06%
Alphabet A	2,441.5	-5.1	-0.21%
Tesla	653.61	+29.90	+4.79%
Amazon.com	3,505.4	0.0	0.00%
Netflix	514.04	+5.22	+1.03%
Facebook	341.77	+2.74	+0.81%
Bank of America	40.38	+0.41	+1.01%

Oil Falls as Rising Global COVID-19 Numbers Fuel Demand Worries

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