Commodity Update April 8, 2021: Crude Oil Prices Dip amid Rising Covid-19 Cases

Commodity update as of 10:05 local time in Thailand on April 8, 2021

Crude oil prices traded slightly lower on Thursday morning in the Asian trading session amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand. Europe had resumed the lockdown or put up strict measures to curb the rising cases. Meanwhile, the U.S. reported 75,000 new cases yesterday. Brazil recorded more than 90,000 new cases in one day, and India had more than 126,000 new cases in the mast 24 hours.

Amid fluctuation in crude oil prices, refinery margin started to pick up continuously after a plummet below zero earlier last week.