Oil futures fall on Indian demand concerns, US crude build  

London (Quantum Commodity Intelligence) – Crude oil futures retreated for a second day as soaring COVID-19 cases in India fueled demand concerns, while a surprise build in US crude inventories added to the negative sentiment.

Brent futures for June crude at one point dropped to an intra-day low of $64.96/b, compared to Tuesday's settle of $66.57/b, but in late London trading at (1840 GMT) Brent was back up to $65.43/b.

At the same time, June WTI was trading $1.46/b lower on the day at $61.21/b.

The US Energy Information Agency reported Wednesday a modest build of around 600,000/b in the week ending April 16, compared to expectations for a fall of 2-3 million/b.

US gasoline stocks posted a small gain of around 100,00/b on the week, while distillate stocks were down by 1.1 million/b, said the EIA report.

India reported nearly 300,000 new coronavirus cases in its latest figures, and much of the country remains under travels restrictions.

A source said oxygen from the industrial sector was having to be diverted for medical purposes.