Oil futures fell on Monday, extending overall losses seen last week. Demand worries fed by rising cases of COVID-19 in India put pressure on prices, analysts said. However, that pressure was somewhat offset by the possibility that those demand concerns will lead the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, to delay plans to hike output when the group meets on Wednesday. In a note Monday, analysts at RBC Markets said it is “more likely” that OPEC+ will “continue with the gradual output increases” when it meets on Wednesday. However, “given COVID concerns in India, the world’s third largest oil demand center, we do not entirely rule out that they could take a temporary pause on planned production increases to assess the situation,” they said. June West Texas Intermediate crude fell 23 cents, or 0.4%, to settle at $61.91 a barrel on the New York Mercantile Exchange.
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