Oil prices fall as US rate hike worries overshadow demand outlook.
Brent crude futures dropped 49 cents, or 0.6%, to $84.65 per barrel by 0105 GMT, while U.S. West Texas Intermediate (WTI) crude futures shed 46 cents, also a 0.6% loss, to $78.03. Both benchmarks were headed for a weekly decline of about 2%.
Oil prices slid on Friday and were on track for weekly losses as strong U.S. economic data heightened concern that the Federal Reserve will continue tight monetary policy to tackle inflation, which could hit fuel demand even as crude stockpiles grow.
Brent crude futures dropped 49 cents, or 0.6%, to $84.65 per barrel by 0105 GMT, while U.S. West Texas Intermediate (WTI) crude futures shed 46 cents, also a 0.6% loss, to $78.03. Both benchmarks were headed for a weekly decline of about 2%.
Data showed the U.S. producer price index rose 0.7% in January, after declining 0.2% in December. Meanwhile, jobless claims unexpectedly fell to 194,000, compared to the 200,000 forecast, according to a Reuters poll.
