Brent slides from $113.6 to about $83 after 4 May peak, but India’s relief may take longer

Brent crude has fallen from a 4 May high of $113.6 a barrel to about $83, a 27% drop in six weeks that is faster than the pullback seen after the 2022 Russia-Ukraine shock. Analysts expect prices could ease further into the $70 a barrel range over the next six months. A looser supply-demand balance, rising non-OPEC output, inventory rebuilding and faster substitution to electric vehicles and coal are among the key drivers.