Oil prices decline; Brent falls 2%

Oil prices declined on Thursday, with Brent crude falling 2%, amid demand concerns as coronavirus cases continue to rise in certain Asian countries.

International benchmark Brent crude was trading down 2% at $65.33 per barrel, at 1.50 pm Makkah time.

WTI crude fell 1.5% to $62.44 per barrel.

OPEC+ compliance with oil production cuts in April reached 113%, Reuters reported, citing two sources from the producers group.

In a separate report, Reuters cited an ANZ Research note as saying that "India's falling fuel demand is likely to worsen in May due to movement restrictions."

Meanwhile, speculation the US Federal Reserve might raise rates weighed on the outlook for economic growth and has prompted some investors to reduce exposure to oil and other commodities.