Oil prices slip on hot US inflation concerns, set for weekly fall
Oil prices eased on Friday as hot US inflation fanned worries about aggressive interest rate hikes and investors await the outcome of US-Iran talks that could lead to increased global crude supply.
Brent crude futures fell 25 cents, or 0.3%, to $91.16 a barrel at 0345 GMT, while US West Texas Intermediate crude declined 15 cents, or 0.2%, to $89.73 a barrel.
The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains, though both contracts had earlier climbed to a seven-year high.
“Yesterday’s inflation number likely puts more pressure on the US Fed to act more aggressively with rate hikes. This expectation is weighing on oil and the broader commodities complex somewhat,” said Warren Patterson, ING’s head of commodities research.
