Oil prices fell nearly 1% on Tuesday, forgoing earlier gains as US inflation unexpectedly rose in August.
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The price of oil closed down about 1%
Oil prices closed nearly 1% lower on Tuesday, forgoing earlier gains, as US inflation unexpectedly rose in August, providing justification for the US Federal Reserve to make another big hike in interest prices. next week.
Brent crude oil futures for November delivery fell 83 cents at the time of the transaction to $ 93.17 a barrel, down 0.9%, after trading in a range of 91.05 to 95. 53 dollars a barrel.
US West Texas Intermediate crude also fell 47 cents, or 0.5%, to $ 87.31 a barrel at the time of the transaction, after trades ranging between $ 85.06 and $ 89.31.
The U.S. Department of Labor said its consumer price index rose 0.1% last month after remaining flat in July.
According to a Reuters poll, economists had expected a 0.1% decline.
Federal Reserve officials will meet on Tuesday and Wednesday next week, with inflation surpassing the US central bank’s 2% target.
The price of oil is generally 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 consumer of oil, have also affected crude oil prices.
Both contracts rose more than $ 1.50 a barrel at the start of the session, buoyed by fears of a decline in inventories.
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