Oil fell on fear of rising COVID-19 in Asia, inflation risks

International benchmarks for crude oil fell sharply on Wednesday, 19 May 2021 as investors fear softer demand in Asia after a new wave of COVID-19 infection in India, Malaysia, Vietnam, Thailand, and Taiwan prompt new movement restrictions. Meanwhile, higher risks of inflation discourage traders from exposing to risky assets.

Brent closed at $66.66/barrel, down $2.05 or 3.08%.

WTI closed at $63.36/barrel, down $2.13 or 3.36%.