Oil price dips on growing concerns over demand

Falling cost: A customer at a petrol station in Houston, Texas. The price of oil has dipped in the wake of concerns that US monetary tightening to combat inflation will hurt demand and an industry report of increasing American commercial stockpiles. — AFP

NEW YORK: Oil retreated on concerns that a further round of severe US monetary tightening to combat inflation will hurt demand, and an industry report pointed to a hefty increase in American commercial stockpiles.

West Texas Intermediate fell below US$87 (RM393.50) a barrel after a volatile session, when prices were buffeted by data showing elevated US inflation, and a possible Biden administration plan to refill strategic reserves.