Oil Falls on Demand Fears as Fed ‘Make or Break Moment’ Approaches

Crude oil tankers, including Troitsky Bridge vessel, lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, on Dec. 4, 2022. Tatiana Meel/Reuters

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.