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Oil futures settle lower as ‘hot’ inflation data raise likelihood of higher U.S. interest rates

oil-futures-settle-lower-as-‘hot’-inflation-data-raise-likelihood-of-higher-us.-interest-rates

Oil futures settled lower on Tuesday, with Federal Reserve policy expectations “dominating the price action,” said Tyler Richey, co-editor of Sevens Report Research. The “hot” CPI print brought a 100-basis-point rate hike into play at the September meeting, he said. A more aggressive Fed in the months ahead, “will choke off growth and ultimately weigh on broader consumer demand, including demand for refined products,” said Richey. October WTI crude CLV22, +0.16% fell 47 cents, or 0.5%, to settle at $87.31 a barrel on the New York Mercantile Exchange.

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