Inflation Woes Causes Oil To Dip – 29 August, 2022

Oil prices took a dip on Tuesday after reaching its highest levels in over a month the previous session, with global inflation worries overshadowed the prospect of possible OPEC+ output cuts. Brent crude futures was down 0.3% or 39 cents to $104.70 per barrel, having climbed 4.1% the previous day. U.S. West Texas Intermediate crude was 0.2% or 21 cents lower at $96.79 per barrel. 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.