Baghdad/NinaOil prices fell today, heading for weekly losses, as the strong US economic data increased concern about the continuation of the Federal Reserve (US Central Bank) monetary tightening policy to curb inflation, which may affect fuel demand even with the growth of crude stocks.
Brent crude futures fell 89 cents, to $84.25 a barrel, while US West Texas Intermediate crude futures fell 96 cents, to $77.54. The two benchmarks are heading for a weekly decline of about 2%.
Data showed an increase in the producer price index in the United States by 0.7% in January, after declining by 0.2% in December. Meanwhile, applications for unemployment benefits unexpectedly fell to 194 thousand, compared to an expectation of 200 thousand applications./ End 7
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