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Oil down $1 on bearish U.S. data, crude stocks build

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Oil futures fell as much as $1 on Thursday over recession fears as a sharp decline in U.S. retail sales and manufacturing output muddied the outlook for demand, while industry data showing a surprise jump in U.S. crude stocks also weighed on prices.

in the United States also fell more than expected in December, recording its biggest drop in nearly two years, as higher borrowing costs hurt demand for goods.beyond 5% even as inflation shows signs of having peaked and economic activity is slowing.

Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. The API report was delayed by a day due to Monday's Martin Luther King Day public holiday in the United States. The government's Energy Information Administration will release its weekly inventory report on Thursday.

 

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