Oil prices fell on Wednesday with a rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks outweighing confidence shown by OPEC and its allies of a solid recovery in global fuel demand.
Brent crude futures dipped 3 cents, or 0.05%, to $66.39 a barrel at 0525 GMT, following a 1.2% gain from Tuesday, as reported by Reuters.
Read alsoRussia continues construction of Nord Stream 2 in Danish watersU.S. West Texas Intermediate (WTI) crude futures fell 5 cents, or 0.08%, to $62.89 a barrel, after gaining 1.7% on Tuesday.
The rapid spread of COVID-19 infections in India, the world's third-largest oil consumer, Japan and Brazil cast doubt on near-term demand recovery and dampened market sentiment.