Oil prices fell this evening as a stronger dollar and weaker US stock markets deterred buyers.
Oil markets weakened as Wall Street dipped on news of disappointing retail sales, placing more caution on oil investors anxious to see if recent positive economic reports could translate into more consumer demand.
Weekly jobless benefit claims rose more than expected, denting optimism sparked on Tuesday by data showing unexpectedly big gains in private sector jobs.
US crude was down $1.76 at $88.54 a barrel, while Brent crude was down $1.20 at $94.30.
Brent's strength has been spurred by continued strong Asian demand while US crude has been pressured by an extended rise in stockpiles at the key delivery hub in Cushing, Oklahoma, despite national stocks having fallen in the last five consecutive weeks.
The dollar was higher against a basket of currencies, making dollar-denominated oil more expensive for non-dollar buyers.
