Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth.
Brent crude futures fell 85 cents, or 1.2 per cent, to $67.86 a barrel at 1005 GMT. It settled 1.1 per cent lower on Tuesday after briefly climbing above $70 earlier in the session.
US West Texas Intermediate (WTI) crude futures dropped 90 cents, or 1.3 per cent, to $64.59 a barrel, following a 1.2 per cent fall on Tuesday.
Brent’s rise to $70 was driven by optimism over the reopening of the US and European economies, among the world’s biggest oil consumers.
