By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia after its mixed finish in the previous session. In markets like China, India and Europe, coal and prices are still rising, raising concerns about inflation and slowing global growth, which could lead to a drop in fuel demand.

They were at $83.12, down 0.3% by 11:50 ET (3:30 AM GMT), extending Tuesday’s 23 cent loss. The stock market fell by 0.38%, to $80.33, after having gained 12 cents yesterday. Brent futures and WTI futures both remained at or above $80.

Although the slowed on Wednesday, it remained close to a record high of 1 year. The black liquid also contributed to this drop in the.

Tuesday’s cut by the IMF in its growth forecasts for U.S. economies was due to concern that cost pressures and supply chain disruptions could delay the recovery of global economic activity from COVID-19.

The IMF’s concern that “momentum has weakened and uncertainty has increased,” was also highlighted by Commonwealth Bank analysts.

Investors are waiting to see whether escalating gas and coal prices lead to increased demand for oil products to power generation.

In a note, ANZ Research analysts stated that “there are growing expectations” that higher prices for natural gas and thermal coal would increase demand for fuel oils and diesel.

The release will take place later in the afternoon, and then on Thursday.