FXStreet reports that strategists at OCBC Bank expect Brent Oil to remain below the $68 level at least until India contains the outbreak.

“The uncontrolled coronavirus outbreak in India will continue to pose the biggest downside risk to oil prices for now. Bloomberg reported in April, gasoline consumption in India probably fell 6% and diesel about 2%. This consumption weakness is likely to continue into this month, given the ever-worsening daily cases in India. We see selling pressure starting to build each time Brent attempts a break above $68. This cap may persist until India contains its latest outbreak, which may take at least a month or more.”