Brent crude futures fell $1.14 to $85.25 a barrel by 1005 GMT, while U.S. West Texas Intermediate crude was down $1.11 at $78.61
Oil prices slumped by about 1 per cent on Monday as investors focused on short-term demand concerns ahead of key U.S. inflation data.
“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.The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.
The terminal had been damaged by the devastating earthquakes that hit Turkey and Syria last week. It is the storage and loading point for pipelines that carry oil from Azerbaijan and Iraq.
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