Oil Updates – crude drops as sticky US inflation heightens demand concerns

Oil Updates – crude drops as sticky US inflation heightens demand concerns

SINGAPORE: Oil prices fell as investor attention returned to the demand outlook after reports of higher producer prices in the US stoked worries that sticky inflation and higher interest rates would limit fuel consumption growth, according to Reuters.

Brent crude futures were down 55 cents, or 0.7 percent, at $82.92 a barrel at 10:20 a.m. Saudi time. The March contract for US West Texas Intermediate crude, which expires on Tuesday, was 41 cents, or 0.5 percent, lower at $78.78.

The WTI April contract was down 0.7 percent, or 54 cents, at $77.92. Oil Updates – crude drops as sticky US inflation heightens demand concerns