Oil drops a second day after rally peters out | Reuters
Oil prices fell on Wednesday after U.S. crude inventories unexpectedly rose as doubts over demand resurfaced, with COVID-19 cases continuing to increase worldwide and some regions facing gasoline shortages.
Brent crude was down $1.34, or 1.7%, at $77.75 a barrel by 0706 GMT. On Tuesday, it fell nearly $2 after touching its highest in almost three years at $80.75.
U.S. oil prices dropped $1.38, or 1.8%, to $73.91, having fallen 0.2% in the previous session.
Oil prices have been charging higher as economies recover from pandemic lockdowns and fuel demand picks up, while some producing countries have seen supply disruptions.
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