Oil prices rebound on fuel demand worries in India

Gulf Today Report 

Oil prices bounce back on Tuesday amid worries surrounding fuel demand in Indian as coronavirus cases continue to surge.

Brent crude was up 40 cents, or 0.6%, at $66.05 a barrel by 06:58 GMT while US oil gained 40 cents, or 0.7%, to $62.31, having declined by 0.4% in the previous session.

As cases continue to surge in India, the Organization of the Petroleum Exporting Countries and allies (OPEC+) would be discussing production policy later in the week.

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According to Avtar Sandu, senior manager of commodities at Phillip Futures in Singapore, traders are cautious of OPEC+ Ministerial meeting.

"The big question is whether OPEC+ feels that the situation is bad enough to alter its planned production easing from 1 May," ING Economics analysts said in a note.

"We still expect that the group will announce no changes to its plan when they meet tomorrow."