Oil price slumps as resurgent Covid in India puts global recovery in doubt

A Covid-19 patient receives oxygen inside a car in a neighborhood outside New Delhi.  Photo: AP Photo/Altaf Qadri

The price of crude oil fell sharply with the deteriorating Covid-19 situation in India exacerbating concerns around the near-term trajectory of the global demand recovery ahead of a key meeting of oil supply nations later this week.

The price of Brent crude — the global benchmark — fell 1.5% to $65.07 a barrel as Indian Oil Corporation looked to sell into the spot market, a potential indication of weak domestic demand.