Oil prices slip on hot U.S. inflation concerns, set for weekly fall | Reuters

Oil prices slip on hot U.S. inflation concerns, set for weekly fall | Reuters

Oil prices eased on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply.

Brent crude futures fell 58 cents, or 0.6%, to $90.83 a barrel at 0730 GMT, while U.S. West Texas Intermediate crude declined 45 cents, or 0.5%, to $89.43 a barrel.

The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains, though both contracts had earlier climbed to a seven-year high.

"Yesterday's inflation number likely puts more pressure on the U.S. Fed to act more aggressively with rate hikes. This expectation is weighing on oil and the broader commodities complex somewhat," said Warren Patterson, ING's head of commodities research.