Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected.

Oil prices slip on worries of pandemic surge in India

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions. Also Read: Petrol, diesel prices hiked for third straight day Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise as India's PUS's ended 82-day freeze in rate revision since March.

Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day

Crude oil prices, which have been on a steady increase for 3 consecutive weeks, seem to be coming to an end primarily due to the rising tension between the United States and China

Oil prices have risen sharply in recent weeks