Owing to the rising supply from OPEC+ oil fell more than three dollars a barrel. This comes amid higher Iranian output countering signs of a strong economic rebound in the United States.
Last week the OPEC+ agreed to monthly production hikes from May to July. Brent crude for June fell 3.08 dollars, or 4.8%, to 61.78 dollars a barrel by 1:42 p.m. (1742 GMT). This comes as a huge relief for Indian fuel consumers.
Also another development that could eventually boost supply is the US-Iran talks. These are aimed at reviving the 2015 nuclear deal.
Currently tightening lockdowns in France amid rising coronavirus cases in India have dampened hopes of global economic rebound to boost oil demand.