US high inflation data lowers oil prices

ANKARA

Oil prices fell on Friday, with data revealing high inflation in the US, enhancing the prospects of interest rate hikes.

International benchmark Brent crude traded at $90.69 per barrel at 0645 GMT with a 0.79% fall after closing the previous session at $91.41 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $89.34 per barrel at the same time for a 0.60% drop after it ended the previous session at $89.88 a barrel.

In the US, the consumer price index in January increased 0.6% monthly and 7.5% annually, rising above market expectations, data showed on Thursday.

Investors' risk appetite declined with the possibility of the US Federal Reserve (Fed) raising interest rates by 50 basis points in March, following the announced data.

Additionally, expectations of progress in negotiations for the full implementation of the Iran nuclear deal in Vienna raise the likelihood of Iranian supplies returning to the global market, suppressing further prices rises.