Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery.
Brent crude fell 29 cents, or 0.4%, to $68.27 a barrel by 0420 GMT, the last day's trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $64.66 a barrel, down 35 cents, or 0.5%, as reported by Reuters.
Such a level is likely to be reached only in the third quarter this year, when demand improves materially and destocking ends, they said.
Read alsoNaftogaz's ex-head to challenge his dismissalBrent is on track to gain roughly 8% in April while WTI could see gains of nearly 10%.
The increases will be the fifth monthly gains in six months as global demand has almost returned to pre-pandemic levels on the back of fiscal stimulus and the easing of virus lockdowns in some countries, while production cuts from OPEC and their allies including Russia eased crude oil oversupply.
Wider adoption of COVID-19 vaccinations is also restoring confidence in travel, lifting oil demand.