Oil slips below $100 again as gasoline, food drive US inflation higher
LONDON (Reuters) -Oil edge lower on Wednesday, a day after settling below $100 a barrel for the first time since April, under pressure from U.S. inflation figures that were seen to bolster the case for another big Federal Reserve interest rate increase.
Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand. Prices fell by more than 7% on Tuesday in volatile trade.
Brent crude was down 33 cents, or 0.3%, at $99.16 a barrel at 1347 GMT, giving up an earlier gain. U.S. West Texas Intermediate crude fell 12 cents, or 0.1%, to $95.72.
