LONDON: Oil prices eased on Friday but were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India weighed. Brent crude futures were down 12 cents, or 0.2%, at $67.97 a barrel by 1343 GMT and U.S. West Texas Intermediate (WTI) crude fell by 10 cents, or 0.2%, to $64.61. In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity. The recovery in oil demand, however, has been uneven as surging COVID-19 cases in India reduce fuel consumption in the world's third-largest oil importer and consumer. "Further out, we could see demand pick up as lockdowns are eased and pent-up demand is released during the summer driving season."

Source: Mint May 07, 2021 14:16 UTC