Oil prices tick down in early trade as inflation woes take centre stage
SINGAPORE (Reuters) – Oil prices ticked down on Thursday as investors doubled down on the possibility of a rate hike by the U.S. Federal Reserve that would stem inflation and curb oil demand.
Brent crude futures for September fell 20 cents, or 0.2%, to $99.37 a barrel by 00:10 GMT after gaining 8 cents on Wednesday.
U.S. West Texas Intermediate crude for August delivery was at $95.93 a barrel, down 37 cents, or 0.4%, after rising 46 cents in the previous session.
The Federal Reserve is seen ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike this month after a grim inflation report showed price pressures accelerating.
