ALBAWABA – Oil prices fell 0.7 percent on Tuesday for both Brent and U.S. West Texas Intermediate (WTI) crudes, according to Reuters.
The oil market worldwide is seeing a decline ahead of U.S. inflation figures, which is key to predicting the Federal Reserve Board’s (Fed) next step in terms of interest rates.
Brent crude dropped $0.54 on the barrel to $76.47 and WTI crude fell $0.5 to $72.66, news outlets have reported.
The anticipated inflation figures will show whether or not the Fed’s efforts were successful.
If inflation is still on the rise, the central bank, i.e. Fed, may be inclined to raise interest rates again.
