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

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 85 cents, or 1.2%, to $67.86 a barrel at 1005 GMT. It settled 1.1% lower on Tuesday after briefly climbing above $70 earlier in the session.

U.S. West Texas Intermediate (WTI) crude futures dropped 90 cents, or 1.3%, to $64.59 a barrel, following a 1.2% fall on Tuesday.

Brent’s rise to $70 was driven by optimism over the reopening of the U.S. and European economies, among the world’s biggest oil consumers.