Oil prices fall on rising Covid-19 infections in Asia, inflation fears

LONDON: 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 U.S. Federal Reserve to raise interest rates, which could limit economic growth.

Brent crude futures fell $1.08, or 1.5 per cent, to $67.63 a barrel at 1100 GMT. It settled 1.1 per cent lower on Tuesday after briefly climbing above $70 earlier in the session.

U.S. West Texas Intermediate (WTI) crude futures dropped $1.05 cents, or 1.6 per cent, to $64.44 a barrel, following a 1.2 per cent fall on Tuesday.