Oil prices rise modestly as demand worries weigh

0 Comment(s)Print E-mail Xinhua, April 23, 2021
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NEW YORK, April 22 (Xinhua) -- Oil prices moved modestly higher on Thursday as demand concerns put the gains in check.

The West Texas Intermediate for June delivery added 8 cents to settle at 61.43 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 8 cents to close at 65.40 dollars a barrel on the London ICE Futures Exchange.

"Further increases in the number of new Covid cases in India are sparking doubts about how demand there will develop," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Thursday, adding rising infections in Japan are also a concern.

"India and Japan are among the world's largest oil consumers and importers," he said.

Elsewhere, the U.S. Energy Information Administration said Wednesday that U.S. crude oil stocks registered a build of 0.6 million barrels during the week ending April 16. Enditem

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