Oil prices slip as inflation woes outweigh possible OPEC+ output cuts

Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.

Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel by 0012 GMT after climbing 4.1% on Monday. U.S. West Texas Intermediate crude was at $96.79 a barrel, down 21 cents, or 0.2%, following a 4.2% rise in the previous session.

Inflation is near double-digit territory in many of the world’s biggest economies, a level not seen in close to a half century, and investors are concerned that more aggressive interest rate hikes will follow from the United States and Europe.