Oil prices plunge on Monday due to concerns in soaring COVID-19 cases in India, which will push down fuel demand in the world's third biggest oil importer.
India sets a global record these past 3 days for a staggering rise of 1 million coronavirus cases, surpassing its total caseload of 17 million, while deaths leaped by an all-time high over the last 24 hours. People are now hoarding oxygen and essential medicines in homes, raising fears and panic, and causing supply shortages in hospitals.
Brent crude is down -1.42%, to $64.50 a barrel by 08:50 AM GMT, while WTI fell -1.46%, to $61.20 per barrel.
Event to watch out for this week is the 16th OPEC and non-OPEC Ministerial Meeting where they will discuss the ongoing positive contributions of the Declaration of Cooperation (DoC) in supporting a rebalancing of the global oil market.
Today’s trading range would be between $63.80 to $64.66, with a support level of $58.50 and a resistance level of $62.45.
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