Oil falls in price after rising for two days

World oil prices fell on Wednesday morning after a two-day increase, Report informs.

The price of February futures for Brent crude fell by 0.25% to $80.48 per barrel, January futures for WTI dropped by 0.2% to $75.24. Over Monday and Tuesday, the price of Brent crude increased by 5.93%, and the price of WTI rose by 4.52%.

On Wednesday morning, oil prices fell after rising on fears of a decrease in the supply following TC Energy's announcement that pumping through the Keystone Pipeline System pipeline was stopped due to a leak. Also, oil prices were also pushed up by the prospects for growth in demand in light of the easing of coronavirus restrictions in China.

Statistics from the United States also contributed to the growth. Annual inflation in the United States slowed down to 7.1% in November from 7.7% a month earlier, while the forecast was 7.3%. The data on inflation had a negative impact on the dollar, the depreciation of which traditionally fuels the demand for "risky" assets, such as oil.