Oil falls as U.S. inflation data surges, China imposes lockdowns | Reuters

Oil falls as U.S. inflation data surges, China imposes lockdowns | Reuters

Oil prices fell on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.

Brent crude fell $1.06 to settle at $122.01 a barrel. U.S. West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel.

Both benchmarks still posted weekly gains, 1.9% for Brent and 1.5% for WTI.

For the day, oil prices sank along with Wall Street stocks after news that U.S. consumer prices accelerated in May. Gasoline prices have hit a record high and the cost of food has soared, leading to the largest annual increase in about 40 years. That raises expectations that the Federal Reserve will tighten policy more aggressively. read more