India reported on Monday its highest number of new daily COVID-19 cases so far and put its largest city Mumbai on lockdown, potentially threatening fuel demand and crude oil imports in the world’s third-largest oil importer. Resurging coronavirus cases in recent weeks have combined with high fuel prices—due to the rally in crude oil prices—to drag India’s oil demand down.
The new strict measures in India’s financial center and most populous city are now set to further impact oil consumption and potentially oil imports…Record High COVID Cases Could Stall India’s Oil Imports
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