Oil prices slip from six-week high, on track for monthly gains

* Japan factory activity expands at fastest pace since early
2018
* India infections top 18 million
* Brent, WTI to rise about 8-10% in April

By Florence Tan
SINGAPORE, April 30 (Reuters) - Oil prices slipped on
Friday, taking a breather after touching their highest in six
weeks as economic recovery and bullish summer fuel demand
outlook outweighed concerns of wider lockdowns in India and
Brazil to curb COVID-19 pandemic.
Brent crude LCOc1 fell 26 cents, or 0.4%, to $68.30 a
barrel by 0041 GMT, the last day's trading for the front-month
June contract. U.S. West Texas Intermediate crude CLc1 for
June was at $64.73 a barrel, down 28 cents, or 0.4%.
Brent is on track to rise roughly 8% in April while WTI
could see gains of nearly 10%. The increases in April will be
the fifth monthly gains in six months as global demand has
almost returned to pre-pandemic levels on the back of fiscal
stimulus while production cuts from OPEC and their allies
including Russia eased crude oil oversupply.
Wider adoption of COVID-19 vaccinations is also restoring
confidence in travel, lifting oil demand.
Several U.S. cities are emerging from lockdown stoking
confidence of stronger demand in gasoline ahead of the key U.S.
summer driving season, ANZ analysts said, while UK road fuel
sales are nearing last summer's levels.
The upcoming Labour Day holiday in China would also boost
fuel demand at the world's second largest oil consumer.
"This renewed optimism is overshadowing headwinds in India,
where a second wave of infections of COVID-19 are resulting in
new travel restrictions being put in place," ANZ said in a note.
The world's second most populous nation is in deep crisis,
with hospitals and morgues overwhelmed, as the number of
COVID-19 cases topped 18 million on Thursday. On Friday, a private sector survey showed that Japan's
factory activity expanded in April at the fastest pace since
early 2018 on a global demand recovery though new coronavirus
curbs cast a shadow over the overall economic outlook.