Oil falls on inflation fears, dollar rises
The strong US dollar, which is trading near a one-year high, has also affected oil prices, as it makes oil more expensive for those who own other currencies.
US West Texas Intermediate crude futures were down 6 cents, or 0.07 percent, at $80.56 a barrel at 05:11 GMT, after rising 12 cents on Tuesday.
Brent crude futures were down 7 cents, or 0.08%, at $83.36 a barrel.
The International Monetary Fund on Tuesday lowered its growth forecast for the United States and other major economies due to concerns that supply chain disruptions and cost pressures are hampering the global economy's recovery from the coronavirus pandemic.
However, oil watchers are still focused on whether rising gas and coal prices will increase demand for petroleum products for power generation.
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