Oil futures dropped in Tuesday dealings to trade near session lows as India’s record daily COVID-19 cases raised concerns over the nation’s economy, and demand for oil. India’s Prime Minister Narendra Modi was holding an address to the nation Tuesday evening local time. That raised concern that “there will be more lockdowns in India,” said Phil Flynn, senior market analyst at The Price Futures Group. The May West Texas Intermediate crude contract , which expires at the end of the session, fell $1.61, or 2.5%, to $61.77 a barrel on the New York mercantile Exchange, after trading as low as $61.50. June Brent crude lost $1.21, or 1.8%, at $65.84 a barrel on ICE Futures Europe.
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