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

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

Oil prices fell as much as $2 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of an expected build-up in U.S. crude inventories.

Brent crude prices for September were down $1.68, or 1.56%, at $105.67 a barrel by 1352 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.82, or 1.75%, to $102.40. The WTI contract expires on Wednesday.

The more active September WTI contract was at $98.94 a barrel, down $1.79.

Oil prices had been exteremely volatile 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