# Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart

> Oil prices fell about 3% on May 13 as India's COVID-19 crisis weighed on demand outlooks. A U.S. fuel pipeline also resumed operations, ending a rally that had lifted crude to an eight-week high. Brent settled at $67.05 and WTI at $63.82.

- Date: 2021-05-13 · published 2021-05-13T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/47245-oil-drops-3-on-india-s-covid-19-crisis-u-s-pipeline-restart
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker demand from the Indian outbreak and restored U.S. fuel supply reduce crude prices, while inflation concerns that could prompt Fed rate hikes add macro pressure.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.7% | +4.7% |
| WTI | 2020-07-30 | [COVID-19 crushes U.S. economy in second quarter; rising virus cases loom over recovery](https://feedsoft.ai/events/52300-covid-19-crushes-u-s-economy-in-second-quarter-rising-virus-cases-loom-over.md) | +2.6% | +5.1% |
| WTI | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +1.7% | +0.6% |
| WTI | 2022-09-21 | [Oil prices slide 1% after U.S. Fed raises interest rates](https://feedsoft.ai/events/39490-oil-prices-slide-1-after-u-s-fed-raises-interest-rates.md) | -6.9% | -1.7% |
| WTI | 2025-04-07 | [Palm and Soy Oil Prices Drop as Oil Prices Decline](https://feedsoft.ai/events/9631-palm-and-soy-oil-prices-drop-as-oil-prices-decline.md) | -0.8% | -6.8% |
| BRENT | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.6% | +4.4% |
| BRENT | 2023-12-12 | [U.S. crude oil falls more than 3% on inflation worries](https://feedsoft.ai/events/32888-u-s-crude-oil-falls-more-than-3-on-inflation-worries.md) | +3.3% | +2.3% |
| BRENT | 2025-04-07 | [Palm and Soy Oil Prices Drop as Oil Prices Decline](https://feedsoft.ai/events/9631-palm-and-soy-oil-prices-drop-as-oil-prices-decline.md) | -1.7% | -9.0% |

## Sources

- reuters.com: https://www.reuters.com/world/middle-east/oil-drops-india-coronavirus-crisis-tempers-rally-2021-05-13/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.