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.
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.