# Oil prices drop as India’s COVID-19 surge dents demand outlook | Reuters

> Oil prices fell for a second day on April 21, 2021, to their lowest in a week. Brent settled down $1.25 (2%) at $65.32 a barrel and WTI June fell 2.1% to $61.35 after an unexpected build in US crude inventories. Concerns over surging COVID-19 cases in India, the third-biggest oil importer, weighed on demand expectations.

- Date: 2021-04-21 · published 2021-04-21T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A larger-than-expected US crude stock build and weaker Indian fuel demand point to softer near-term energy prices. Lower diesel and crude costs can ease freight and processing expenses for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.5% | -8.0% |
| WTI | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +64.1% | -28.3% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2021-05-13 | [Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart](https://feedsoft.ai/events/47245-oil-drops-3-on-india-s-covid-19-crisis-u-s-pipeline-restart.md) | -4.1% | +6.6% |
| BRENT | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.3% | -2.0% |
| BRENT | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +21.9% | -26.3% |
| BRENT | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +1.7% | +12.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-second-day-indias-covid-19-surge-dent-fuel-demand-2021-04-21/

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