Black gold trade declined again following higher -than -expected US inflation data has sparked market speculation that the US will take aggressive action to curb oil prices.
US President Joe Biden is said to have called on the Economic Council to find ways to reduce energy costs, and the Federal Trade Commission to push back market manipulation in the energy sector to tackle inflation.
The higher inflation reading released on Wednesday has added to traders ’worries that the U.S. administration will take immediate steps to address it.
The US annual inflation rate has risen to its highest level since 1990 with an increase of 6.2% in October.
At the European session. Brent crude futures traded slightly lower at $ 82.75 a barrel, while US WTI traded at $ 81.45 a barrel.
In addition, prices were also affected after the reading of the US crude oil supply report released by the Energy Information Administration (EIA) showed an increase of 1 million barrels last week compared to expectations for an increase of 2.1 million barrels.
