FTSE 100 posts biggest fall in two months as Covid-19 worries hit markets – business live | Business

Oil fell by $1 on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths soar in that country.

Oil prices have risen steadily this year on expectations of a recovery in demand but while the United States and China are rebounding, numerous other countries are not.

“Given India’s position as a major crude oil importer in the world, new restrictions would be very bad for the energy complex,” said Bob Yawger, director of energy futures at Mizuho.

India’s Prime Minister Narendra Modi on Tuesday said citizens should take precautions to halt the spread of COVID-19, but stopped short of imposing lockdowns.