Oil prices fell on Thursday after strong US economic activity suggested higher borrowing costs could dampen demand. Brent futures dropped 26 cents (0.3%) to $83.34 a barrel by 0630 GMT, while US West Texas Intermediate (WTI) crude declined 23 cents (0.3%) to $79.00, according to Reuters.
Both benchmarks are set for monthly losses, with Brent down over 5% and WTI down more than 3%. US crude oil and gasoline inventories fell last week, while distillate inventories rose, according to American Petroleum Institute figures released on Wednesday.
