Oil Rally Stalls As India's COVID Crisis Worsens

Oil prices dropped on Thursday morning, cutting short the rally to $70 a barrel after the world’s third-largest oil importer, India, reported a fresh record of new daily coronavirus cases. As of 11:17 a.m. EDT on Thursday, WTI Crude was down 0.96 percent at $64.99 and Brent Crude was trading down 0.86 percent at $68.37. Brent prices were a hair’s breadth from reaching $70 a barrel on Wednesday, as the market was focused on the reopenings in the United States and Europe, and on the biggest draw in U.S. crude oil inventories since January…