Crude prices inched down for the second straight day on Wednesday amid concerns about a slowing Chinese economy as well as increase in the US output. At 1325 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.65 (-0.82 percent) to reach $78.44 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $74.78 a barrel, down by $0.51 (-0.68 percent). The price for Opec Basket was recorded at $77.73 a barrel with 1.99 percent increase, Arab Light was available at $76.61 a barrel with a 3.47 percent decrease, while the price of Russian Sokol slipped to $76.85 after shedding 3.43 percent. According to experts, oil prices fell for the second straight day as doubts re-emerged over demand, with Covid-19 cases continuing to rise worldwide and gasoline shortages in some regions. They said a shortfall in global energy supplies affected crude markets earlier this week, pushing oil prices to their highest levels in three years, before heading lower. This came as data showed US crude oil, gasoline and distillate inventories unexpectedly rose last week, as per the latest American Petroleum Institute figures. They expect that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies will decide to keep supplies tight when they meet next week. OPEC has forecast that oil demand will grow sharply in the next few years as economies recover from the pandemic. It also warned that the world needed to keep investing in production even as it switches to green energy. China, the world’s number one oil importer and second-biggest user after the US, is experiencing a weakening housing market and growing power outages.