Oil continues tumble, losing 6% on week on inflation, Fed worries

  • Investing.com
  • Commodities News
Oil continues tumble, losing 6% on week on inflation, Fed worries
Credit: © Reuters.

By Barani Krishnan

Investing.com -- Oil prices continued their tumble Tuesday, losing some 6% on the week, as fears mounted over the possibility of the Federal Reserve turning aggressive on interest rates again in the coming year as U.S. economic data suggested unrelenting pressure on inflation.

West Texas Intermediate , or WTI, crude for January delivery was down $2, or 2.6%, to $74.93 per barrel by 11:30 ET (16:30 GMT). It sank to an intraday low of $74.69 earlier. Week-to-date, WTI was down 6.4%.

London-traded Brent crude for February was down $2.29, or 2.8%, to $80.39. It hit a session low of $80.19 earlier. Brent was down 5.8% on the week.

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