Oil falls on weak US fuel demand, profit taking | Business

Ammon News – Oil prices fell on Friday as investors weighed weak demand for the US fuel and took some money off the table at the end of the quarter, while key inflation data for May boosted the chances the Federal Reserve will start cutting interest rates this year year.

Brent crude futures for August settlement, which expired on Friday, settled up 2 cents at $86.41 a barrel. The more liquid September contract fell 0.3 percent to $85 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were down 20 cents, or 0.24 percent, at $81.54.

For the week, Brent rose 0.02%, while WTI futures lost 0.2%. Both benchmarks gained about 6% for the month.

While U.S. oil production and demand rose to a four-month high in April, gasoline demand fell to 8.83 million barrels per day, the lowest level since February, according to the monthly Oil Supply report of the Energy Information Administration, published Friday.

Reuters