WASHINGTON (dpa-AFX) - Oil futures settled lower on Thursday on concerns about reduced fuel demand weighed on prices, outweighing hopes about likely extension of production cuts by OPEC and its allies.
Recent data from the Energy Information Administration (EIA) showing a larger than expected increase in crude inventories in the U.S. weighed as well.
Data showing a slowdown in the annual rate of consumer price growth in January has generated some optimism about the outlook for interest rates.
West Texas Intermediate Crude oil futures for April ended down $0.28 or about 0.4% at $78.26 a barrel.
Brent crude futures were down $0.44 or 0.55% at $81.71 a barrel a little while ago.
The EIA data on Wednesday showed oil inventories in the U.S. rose by 4.2 million barrels last week, nearly two times the expected increase.
Persisting concerns about supply disruptions due to the tensions in the Middle East limited oil's downside.
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