Oil is falling after US inflation data

Oil prices fell today after US inflation data indicated the end of US interest rate hikes, but Brent crude remained near its highest level in January, and China's data raised concerns about fuel demand in the world's second largest economy.

Oil prices have risen in recent days due to the extension of production cuts by Saudi Arabia and Russia, along with supply concerns, driven by the possibility of a conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.

Brent crude futures fell by $1.15, or 1.3%, to $86.40 a barrel, and US West Texas Intermediate crude futures fell by $1.58, or 1.9%, to $82.82 a barrel.

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