Oil falls on fears that inflation will curb demand growth

Oil falls on fears that inflation will curb demand growth
Oil falls on fears that inflation will curb demand growth

Oil prices fell on Wednesday after a mixed finish in the previous session, amid concerns that rising coal and natural gas prices in China, India and Europe could raise inflation and slow global growth, limiting oil demand.

The rise in the price of the dollar, which reached near its highest level in a year, also affected prices, which makes oil more expensive for holders of other currencies.

US West Texas crude futures were down 71 cents, or 0.9 percent, at $79.93 a barrel at 0247 GMT, after rising 12 cents on Tuesday.

As for Brent crude, it fell 70 cents, or 0.8 percent, to $82.72 a barrel, extending its losses, which amounted to 23 cents on Tuesday.

On Tuesday, the International Monetary Fund cut its growth forecast for the United States and other major economies on concerns that disruptions in supply and supply chains, as well as cost pressures, will disrupt the global economic recovery from the Corona virus pandemic.

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