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Oil prices slip on hot US inflation concerns

February 14, 2022

Synopsis Oil prices eased early on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and as investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply. Brent crude futures fell 40 cents, or 0.4%, to $91.01 a barrel at 0140 GMT, while U.S. West Texas Intermediate crude declined 25 cents, or 0.3%, to $89.63 a barrel. BEIJING: Oil prices eased early on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and as investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply . Brent crude futures fell 40 cents, or 0.4%, to $91.01 a barrel at 0140 GMT, while U.S. West Texas Intermediate crude declined 25 cents, or 0.3%, to $89.63 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. “The crude price rally has finally run out of steam as optimism grows that Iran nuclear deal talks are headed in the right direction and as the dollar rallies as money markets start to price in a supersized Fed hike ,”…

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