Oil prices fall 1%, U.S. inflation concerns

Beijing, April 29 (BNA): Oil prices fell in early Asian trading on Monday, erasing gains from Friday, U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon.

Brent crude futures fell by as much as $1, or 1.1% to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT, Reuters reported.

West Texas Intermediate (WTI) futures were down 84 cents, or 1%, at $83.01 a barrel.

U.S. inflation rose 2.7% in the 12 months through March, data on Friday showed, above the Fed’s target of 2%.

Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand.


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