Singapore — Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on the fear of rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth.
Brent’s rise to $70 was driven by optimism over the re-openings of the US 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.
Smirk said speculation that the Federal Reserve might raise rates because of inflation fears weighed on the outlook for growth and in turn on commodities demand.
Source: Loan Digest (loandigest.net)
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