Wall Street

Oil falls as U.S. inflation data surges; China imposes lockdowns

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Reuters UK

By Stephanie Kelly NEW YORK (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 incr…

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