Oil loses 1%, Brent holds above $85

Oil drilling rigs

Oil futures prices turned lower today, June 25, as investors watched consumer confidence in the US, and as markets awaited data on inventories to learn about demand and the prospects for the American economy.

Brent crude futures contracts for August delivery fell by 1.15%, or $1, to close at $85.01 per barrel, after rising to $86.23.

WTI crude for August delivery (the most active contract) declined 1%, or 80 cents, to record $80.83 per barrel, after touching $81.90.

The Conference Board Survey showed that the US consumer confidence index fell in June to 100.4 points, from a downwardly revised reading of 101.3 points in May, but it exceeded market expectations that it would record 100 points.

The American Petroleum Institute's report on oil inventories is expected to be issued later today, and the US Energy Information Administration is scheduled to issue official data on inventories on June 26, amid expectations that crude inventories will fall by 2.6 million barrels.