Oil price falls amid fears of Covid 19 resurgence


Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.

Brent crude futures fell 36 cents to $68.98 a barrel giving up some of Tuesday’s 1.1% gain.

U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents to $66.84 a barrel, after rising $1 on Tuesday.

According to the American Petroleum Institute figures U.S. crude stocks rose by 806,000 barrels for the week that ended July 16.

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