LONDON—Oil prices slumped by about 1 percent on Monday as investors focused on short-term demand concerns ahead of key U.S. inflation data.
Brent crude futures fell $1.14, or 1.3 percent, to $85.25 a barrel by 1005 GMT after a 2.2 percent gain on Friday. U.S. West Texas Intermediate crude was down $1.11, or 1.3 percent, at $78.61 after a 2.1 percent gain in the previous session.
“Crude prices are softening as energy traders anticipate a potentially weakening crude demand outlook as a pivotal inflation report could force the Fed to tighten policy much more aggressively,” said Edward Moya, senior analyst at OANDA, referring to U.S. consumer price data due on Feb. 14….