Oil drops on India’s COVID-19 crisis, pipeline resumption

Oil prices fell more than 2% on Thursday as India’s coronavirus crisis deepened and a key U.S. pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand later in the year.
Brent crude was 3.36%, or $2.33, at $66.99 per barrel, after rising 1% on Wednesday. West Texas Intermediate (WTI) slid $2.32, or 3.5%, to $63.74 a barrel, having risen 1.2% in the previous session. If those losses are sustained, both contracts would mark their biggest daily drops in percentage terms since early April.