Oil Prices Set For A Weekly Loss As Inflation Fears Return

Crude oil prices are on course to post a loss this week despite the recent spike after OPEC+ approved a production cut that is expected to reduce oil supply by roughly 1 million bpd. After a drop of over 1 percent on Thursday, following the release of fresh U.S. inflation data, oil prices were on the mend at the time of writing, but expectations are for a 4-percent weekly decline in West Texas Intermediate, according to a Bloomberg report. Thursday’s CPI report revealed a 6.6-percent annual core inflation rate, which was the highest in 40…