Oil decreases as COVID-19 infections increase

Oil prices were lower on Monday due to rising coronavirus infections in India and other countries.

Brent crude was up 23 cents, or 0.3%, at 6,644 GMT, up 6% last week from $ 66.54 a barrel. U.S. Oil was down 27 cents, or 0.2%, at $ 62.96 a barrel, up 6.4% last week.

The progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries,” such as India and Brazil, said ANZ Research in a report on Monday.

India reported on Monday that the number of coronavirus infections had risen to 273,810, bringing the total number of cases to just over 15 million, second only to the United States, which recorded more than 31 million cases. India’s deaths from COVID-19 have risen from 1,619 to nearly 180,000.

Hong Kong will suspend flights from India, Pakistan, and the Philippines from April 20 due to an imported coronavirus infection, officials said in a statement issued late Sunday.

Japanese companies believe the world’s third-largest economy will suffer from the fourth round of coronavirus outbreaks, and many are trying to do more business, according to a Reuters monthly poll.

Some organizations have written in a poll that the slow transition of vaccines and the lack of sense of crisis among the general public compared to other groups in seven developed countries could

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