REUTERS

Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.

Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel, as reported by Reuters.

Read alsoNuclear reactions detected under debris of destroyed Chornobyl reactor – ScientistsPrices came under pressure as a broader surge in commodity prices, labor shortage and much stronger-than-expected U.S. consumer prices data this week stoked inflation concerns that could force the Federal Reserve to raise interest rates.

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Raising rates typically boosts the U.S. dollar, which in turn pressures oil prices because it makes crude more expensive for holders of other currencies.

India recorded more than 4,000 COVID-19 deaths for a second straight day on Thursday as infections stayed below 400,000, with experts unsure when numbers will peak.

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