Oil prices fell for a second day on Wednesday on the potential of Iranian supply returning and as investors sold on speculation that inflation fears might lead the US Federal Reserve to raise interest rates, which could limit economic growth.
US West Texas Intermediate (WTI) crude futures dropped 73 cents, or 1.1%, to $64.76 a barrel at 0241 GMT, following a 1.2% fall on Tuesday.
Brent crude futures also fell 73 cents, or 1.1%, to $67.98 a barrel, after dropping 1.1% on Tuesday.
“There is a wider risk-off play that’s going on,” said Westpac senior economist Justin Smirk, after oil prices fell and stock markets slumped as investors sold out of more speculative assets.
