© Reuters.
By Barani Krishnan
Investing.com — Oil prices continued their tumble Tuesday, losing some 7% 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.
, or WTI, crude for January delivery was down $2.63, or 3.4%, to $74.30 per barrel by 12:37 ET (17:37 GMT). It sank to an intraday low of $74.01 earlier. Week-to-date, WTI was down 7.4%.
London-traded crude for February was down $3.03, or 3.7%, to $79.65. It hit a session low of $79.39 earlier. Brent was down 6.7% on the week.
The slide in crude prices came as traders appeared to embrace the notion there would be no severe supply disruptions in the near term despite the European Union’s so-called ban on Russian oil and Moscow’s noisy protests against the price cap on its crude by the West.
“It’s all shadow…
