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Oil falls on fears inflation may dent fuel demand growth

13 October 2021 08:26 (UTC +04:00)

Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing oil demand, APA reports quoting Reuters.

A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes oil more expensive for those holding other currencies.

U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93 a barrel at 0247 GMT after gaining 12 cents on Tuesday.

Brent crude futures fell 70 cents, or 0.8%, to $82.72 a barrel, extending a 23 cent loss on Tuesday.