0942 GMT May 13, 2021
Brent crude futures for June declined $1.14, or 1.7 percent, to $65.43 a barrel at 1250 GMT. US West Texas Intermediate (WTI) crude futures for June fell $1.28, or two percent, to $61.39 a barrel. The May contract expired on Tuesday down 1.5 percent, Reuters reported.
"Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India," PVM analysts said on Wednesday.
India, also the world's third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19.
Further battering the market, data from the American Petroleum Institute (API) industry group showed US crude oil and distillate stocks rose in the week ended April 16, according to two market sources.
Crude stocks rose by 436,000 barrels, API reported, according to the sources.
Raising the possibility of further oil supply, Iran and world powers have made headway in talks to save a 2015 nuclear accord, which, if successful, could see sanctions lifted and more Iranian barrels return to the market.
Still, major oil trading companies are stowing diesel and jet fuel on newly built supertankers in Asia and Africa in anticipation of COVID-19 vaccinations driving prices higher in the months ahead.