The price of crude oil fell on Wednesday after hitting a three-year high the previous day.
A barrel of Brent crude (159 litres) from the North Sea was priced at $77.82 in early Asian trade. This is $1.27 less than on Tuesday. The price of a barrel of US WTI oil fell by about the same amount and still costs $74.03.
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On Tuesday, Brent crude oil prices exceeded $80 dollars a barrel for the first time in three years. Oil prices have been rising for weeks as the economy improves after issues caused by the coronavirus crisis and supply disruptions. However, reports of rising inventories have tempered rising costs, according to Belga News Agency.
The Brussels Times
