With rising cases of COVID-19, Oil prices falling down!
Oil prices witnessed a down fall as the cases of Covid-19 are going up.
In recent times, during the surge in Covid-19 cases, India has witnessed a fall in oil prices. On Wednesday, the country has reported more than 295,000 cases.
Though, due to the rocketing rates of Covid-19 cases, there’s been a fall in the demand for fuel in the world’s third largest oil importer country, India. And, thus it has been dampening the fuel market in the country.
“India is a major crude oil consumer. So rising virus cases and thereby restrictions to limit the spread will dampen the demand outlook”, said Ravindra Rao, vice president for commodities at Kotak securities, as quoted by Hindustan Times.
In addition to this, several state governments, making endeavours to curb the virus, have announced a lockdown. States like Uttar Pradesh, Maharashtra, Chhattisgarh, Punjab, and the national capital Delhi have already announced restrictions amid COVID-19 surge.
Well, the national capital, on April 19, has declared a complete lockdown for the next seven days. Additionally, PM Narendra Modi, on Tuesday, addressed the nation and appealed to use ‘Lockdown’ as an ultimate option as it dampens the economy plus it would grievously affect the daily-wage or migrant workers.