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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 57 cents, or 0.8%, to $68.14 a barrel at 0642 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 61 cents, or 0.9%, to $64.88 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. But it later retreated on fears of slowing fuel demand in Asia as COVID-19 cases surge in India, Taiwan, Vietnam and Thailand, prompting a new wave of movement restrictions.

United statesRepublic ofChristian schmollingerRoslan khasawnehVandana hariChristopher cushingSonali paulUs energy information administrationAmerican petroleum institute onFederal reserveTexas intermediateVanda insightsInformation administrationAmerican petroleum instituteஒன்றுபட்டது மாநிலங்களில்குடியரசு ஆஃப்