New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled Tuesday’s session at $81.02 per barrel, down $1.29, or 1.6% on the day, to add to Monday’s 3.8% slump.
The US Federal Reserve s preferred inflation gauge ticked higher in January, a sign that price pressures remain entrenched in the U.S. economy and could lead the Fed to keep raising interest rates well into this year. aaa
The U.S. Federal Reserve, European Central Bank and Bank of England are all due to make rate decisions next week as they judge what policy adjustments may be required in their battle with rampant inflation against a tough global economic backdrop. Currency analysts said they did not expect big moves to end the week, with a key U.S. jobs report also in sight next Friday.