Oil falls for third day on rising coronavirus infections, US stockpiles

TOKYO: Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes.

Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel by 0141 GMT, having fallen 3% on Wednesday. U.S. oil fell 7 cents, or 0.1%, to $63.29 a barrel, after a 3.3% drop in the previous session.

“A resurgence in COVID-19 cases across parts of Asia is doing little to support the market in the near term,” ING Economics said in a note.