Oil prices fell nearly 1% on Tuesday, giving up earlier gains, as US inflation unexpectedly rose in August.
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Oil prices closed down about 1%
Oil prices closed nearly 1% lower on Tuesday, giving up earlier gains, as US inflation unexpectedly rose in August, providing an excuse for the US Federal Reserve to make another big price hike. interest next week.
Brent crude futures for delivery in November fell 83 cents at the settlement, to $ 93.17 a barrel, a drop of 0.9%, after trading in a range between $ 91.05 and $ 95.53 a barrel.
US West Texas Intermediate crude also fell 47 cents, or 0.5%, to $ 87.31 a barrel at the settlement, after transactions that ranged between $ 85.06 and $ 89.31.
The US Labor Department said its consumer price index rose 0.1% last month after remaining unchanged in July.
According to a Archyde.com poll, economists had expected a 0.1% decline.
Federal Reserve officials are scheduled to meet on Tuesday and Wednesday next week, with inflation exceeding the US central bank’s 2% target.
Oil is generally priced in US dollars, so a higher dollar makes the commodity more expensive for holders of other currencies, and new anti-Covid-19 restrictions in China, the world’s second-largest oil consumer, have also affected crude prices.
Both contracts rose more than $1.50 a barrel earlier in the session, buoyed by fears of falling inventories.