22.04.202111:43:00UTC+00Crude Oil Futures Continue To Slide

Crude oil prices are drifting lower on Thursday, extending their slide to a third session, amid continued worries about outlook for energy demand.

The massive surge in coronavirus cases in India, where cases of infections rose by about 3,15,000 in the 24 hours ending midnight of Wednesday, has raised concerns about outlook for energy demand. India is the third biggest oil consumer in the world.

Data from the Energy Information Administration on Wednesday showed an unexpected increase in crude inventories last week, adding to the woes.

West Texas Intermediate Crude oil futures for June are down 0.36 or 0.58% at $60.99 a barrel.

Brent crude futures are lower by $0.45 or 0.69% at $64.87 a barrel.

Although the Indian government has stated that lockdown will be used only as last resort, it is feared that there could be widespread shutdowns and restrictions on movements if the virus spread doesn't slowdown.

Japan too has been witnessing a surge in new cases of infections, and according to reports, officials are looking at a state of emergency for Osaka and Tokyo to curb the spread.