Oil Prices Drop As India's COVID Crisis Worsens

Oil prices dropped early on Monday amid soaring coronavirus cases in major oil importer India, less than a week before the OPEC+ group is set to increase global oil supply. As of 10:05 a.m. EDT on Monday, WTI Crude was trading down 1.53 percent at $61.27, and Brent Crude was down by 1.59 percent at $65.12. Discouraging news about immediate fuel demand in India continues to weigh on oil prices, as the world’s third-largest oil importer reported on Monday a record number of new cases for the fifth day in a row, while death toll numbers are…