Archyde.com reported that oil prices approached stability, as optimism regarding a possible increase in energy demand in China was dispelled and markets were affected by fears of rising inflation.
Brent crude futures fell 12 cents to trade at $92.26 a barrel. West Texas Intermediate crude futures fell four cents to $84.47 a barrel.
Brent crude is on the path of recording a weekly increase of 0.7 percent, while West Texas Intermediate crude is expected to decline 1.3 percent following extending contracts for the month of the nearest maturity.
“In order to combat inflation, the bank is trying to slow the economy and will continue to raise interest rates in the short term,” said Patrick Harker, Federal Reserve Chairman in Philadelphia.
