Monthly home sales, manufacturing data raise concerns US economy prospects: oil prices fall

Brent crude dipped to US $112.1 on the ICE Futures exchange in London. Benchmark oil on the Nymex for March delivery dipped to US$96.5, falling after monthly home sales and manufacturing data raised concerns about the U.S. economy's growth prospects. A report by the Federal Reserve Bank of Richmond showed a drop in manufacturing in the central Atlantic region. Also, figures for sales of previously occupied homes in USA for December fell from November levels. Additionally, uncertainty abounds about the outcome of negotiations on the U.S. debt limit.
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