Oil falls for second day as supply-driven rally peters out
TOKYO: Oil NSE 3.49 % prices fell for the second straight day on Wednesday as doubts re-emerged over demand, with COVID-19 cases continuing to rise worldwide and gasoline shortages in some regions.
Brent crude was down $1.03 or 1.3% at $78.06 a barrel by 0130 GMT, having fallen nearly $2 on Tuesday after touching $80.75, its highest in nearly three years.
U.S. oil fell $1.02 or 1.4% to $74.27 a barrel, having dropped 0.2% in the previous session.
Oil prices have been charging higher as economies recover from pandemic lockdowns and fuel demand picks up, while some producing countries have seen supply disruptions.
