Oil prices slip ahead of U.S. inventory data | Reuters

Oil prices slip ahead of U.S. inventory data | Reuters

Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as fuel demand weakens.

Brent crude prices for September fell $1.06, or 0.9%, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.09, or 1%, to $103.13 per barrel. The WTI contract will expire on Wednesday.

The more active September WTI contract was at $99.64 a barrel, down $1.10.

Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness and reduced demand as central bankers indicated they will raise interest rates to combat inflation. read more