* COVID-19 cases rise in India and Japan
* U.S. rig count falls for first time since March -Baker
Hughes
* No major changes expected from OPEC+ meeting
By Yuka Obayashi
TOKYO, April 26 (Reuters) - Oil prices eased slightly on
Monday on concerns that a resurgence of coronavirus infections
in India and Japan, the world's third and fourth largest oil
importers, would cut fuel demand in Asia.
Brent crude LCOc1 futures fell 8 cents, or 0.1%, to $66.03
a barrel by 0058 GMT, following a 1.1% rise on Friday. U.S. West
Texas Intermediate (WTI) crude CLc1 futures were down 4 cents,
or 0.1%, at $62.10 a barrel, after rising 1.2% on Friday.
Both benchmark crudes fell about 1% last week.
"Market sentiment was dented on worries that surging number
of COVID-19 cases in some countries, especially in India, will
slash fuel demand," Kazuhiko Saito, chief analyst at commodities
broker Fujitomi Co.
Prime Minister Narendra Modi urged all citizens to be
vaccinated and exercise caution, saying on Sunday the "storm" of
infections had shaken India, as the country set a new global
record for the most COVID-19 infections in a day. In Japan, a third state of emergency in Tokyo, Osaka and two
other prefectures began on Sunday, affecting nearly a quarter of
the population as the country attempts to combat a surge in
cases three months before the Tokyo Olympics is set to open.
"Investors, including speculators, have been shifting funds
from oil markets to grain markets recently as volatility has
been much higher in prices of corn and other grains," Fujitomi's
Saito said.
Chicago corn, wheat and soybeans hit multi-year highs last
week as concerns over cold weather damage to crops across the
U.S. grain belt underpinned prices, along with expectations for
more use of agricultural products for biofuels.
The Organization of the Petroleum Exporting Countries and
allies led by Russia, known as OPEC+, will hold a largely
technical meeting this week, with major changes to policy
unlikely, Russian Deputy Prime Minister and OPEC+ sources said
last week.
A technical committee meeting is set for Monday, where
market fundamentals and compliance with production cuts will be
discussed. The producer group surprised the market at its April 1
meeting by agreeing to gradually ease record cuts in oil output.
U.S. energy firms, meanwhile, cut the number of oil rigs
operating for the first time since March, as rigs fell by one to
438 last week, according to energy services firm Baker Hughes Co
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