Psychological booster for crude oil markets: covid-19 infections in India in decline
The crude oil price dipped on Thursday and it was solely attributed to the weaker-than-expected US economic data that in turn made the US dollar stronger. The mood in the markets was not lifted up, even after a relatively successful summit between President Biden and President Putin in Switzerland; that was not something expected either – at least by the media. The talks over the JCPOA, 2015 Iran nuclear deal, meanwhile, are continuing in Vienna, Austria, in its sixth round and the Iranian delegation was much more hopeful about an agreement yesterday, as never before. This could have been a trigger to push crude oil price downward on Thursday, something that is still continuing on Friday. Both WTI and Brent went down by 1.32% and 1.572% respectively before the markets closed on Thursday. Despite the palpable uncertainty in the crude oil markets, there is a glimmer of hope for the battered Indian economy: the Coronavirus infections are in decline and so are the deaths. Sin