By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures fell early Friday after Chinese inflation data fueled concerns Beijing would take further steps to cool its economy, curbing demand, and on fresh worries in the U.S. about consumer spending.
U.S. retail sales fell a surprising 1.2% in May, the first drop in eight months.
Oil for July delivery fell $1.18, or 1.6%, to $74.30 a barrel.
On Thursday, crude finished above $75 a barrel for the first time in nearly a month, boosted as supportive comments from the European Central Bank eased concerns about the euro and growth in the region, while pressuring the dollar.
But news that inflation in May rose to 3.1%, rekindled concerns about overheating.
