Oil prices decline as COVID-19 fears persist

Oil rigs

Oil prices declined on Monday as the rise in coronavirus cases in India weighed on fuel demand in the country, as death toll touched a record high on Sunday, May 2, 2021.

International benchmark Brent crude was trading down 0.6% at $66.33 per barrel, at 9.49 am Makkah time.

WTI crude fell 0.7% to $63.13 per barrel.

Russia increased its oil production in April, pumping 42.81 million tons of crude and condensate last month, which is equivalent to 10.46 million barrels per day, or 1.9% increase from the March level, according to preliminary data issued by the Russian Energy Ministry.

Meanwhile, US crude oil production dropped by over one million barrels per day in February, to the lowest levels since October 2017, according to a monthly government report released on Friday.