Oil falls on fears of growing demand collapse

Brent crude futures dipped on Thursday after five days of gains, slipping under $122 a barrel on concern that strong prices will crimp demand and as central banks show signs of worry about inflation.

Brent crude shed 31 cents to $121,99 a barrel at 0814 GMT. It hit a 2-1/2-year high above $123 on Wednesday as violence in the Middle East propelled prices higher.

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