Oil continues to fall on Indian demand concerns

Oil prices fell on Monday, deepening losses for the second straight day due to profit-taking from a 6-week high, and fears over the Indian demand as the coronavirus crisis worsens in the world's third largest oil consumer.

US crude fell 0.8% to $62.94, after opening at $63.46, and hit a high of $63.94, and Brent fell 0.9% to $66.12 a barrel, after opening at $66.73, and hit a high of $67.12.

US crude fell 2.1% on Friday, and Brent crude lost 2.75%, their first loss in 4 days, due to profit-taking from a 6-week high of $68.94 a barrel.

Oil prices gained 6.25% on April, the fifth monthly gain in 6months, thanks to expectations of improved global demand during the second half of 2021.

The coronavirus crisis continued to escalate in India despite local and global efforts to contain it, with rising new cases and deaths to new record levels for the 12th day.

Covid-19 cases have surpassed 20 million people, which makes India the second worst country impacted by the pandemic.

With overwhelmed hospitals and morgues, and deaths continued to mount, the Indian authorities tightened the lockdown restrictions in large parts of India, which weighs down on fuel demand in the world's third largest oil consumer, which forced refiners to cut operations.