* U.S. crude stocks unexpectedly edge up in EIA data
* Rising COVID-19 cases in India, Japan boost fears of slow
demand
* OPEC+ set for technical meeting next week -Russia, sources
By Yuka Obayashi
TOKYO, April 22 (Reuters) - Oil prices fell for a third day
on Thursday as a surprise build in U.S. crude inventories and a
resurgence of COVID-19 cases in India and Japan raised concerns
that a recovery in global economy and fuel demand may slow.
Brent crude LCOc1 futures fell 57 cents, or 0.9%, to
$64.75 a barrel by 0157 GMT, following a drop of $1.25 on
Wednesday. U.S. West Texas Intermediate (WTI) crude CLc1
futures were down 58 cents, or 1.0%, at $60.77 a barrel, after
losing $1.32 on Wednesday.
Both contracts dropped more than 2% on Wednesday, closing at
their lowest since April 13. They are down more than 3% so far
this week.
U.S. crude oil stockpiles unexpectedly edged higher in the
week ended on April 16, the Energy Information Administration
said on Wednesday, confirming American Petroleum Institute data
from the day before. EIA/S API/S ENERGYUSA ENERGYAPI
"Oil prices have been under pressure this week due to
growing worries that surging number of COVID-19 cases in India
and Japan will slow a recovery in fuel demand in Asia," said
Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.
"The market sentiment was further battered by the EIA's
weekly data that showed an increase in U.S. crude oil."
India, the world's third-largest oil user, on Wednesday
reported another record increase in its daily death toll from
COVID-19. Japan, the world's No.4 oil importer, is considering a
state of emergency for Tokyo and Osaka as new case numbers
surge, broadcaster NHK reported. The Organization of the Petroleum Exporting Countries and
allies led by Russia, a producer group known as OPEC+, are
heading for a largely technical meeting next week in which major
changes to policy are unlikely, Russian Deputy Prime Minister
and OPEC+ sources said.
"Earlier this week, the market rose briefly on news of
Libya's force majeure on exports, but concerns over the spread
of the pandemic in Asia are outweighing the Libya's news now,"
Fujitomi's Tazawa said.
Libya's National Oil Corp (NOC) declared force majeure on
Monday on exports from the port of Hariga and said it could
extend the measure to other facilities due to a budget dispute
with the country's central bank.