MELBOURNE (Reuters) – Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing oil demand.
A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes oil more expensive for those holding other currencies.
U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93 a barrel at 0247 GMT after gaining 12 cents on Tuesday.
Brent crude futures fell 70 cents, or 0.8%, to $82.72 a barrel, extending a 23 cent loss on Tuesday.
