Oil Sinks to 6 Month Low As Inflation Fears Persist

Crude oil prices dropped sharply on Tuesday, with WTI falling by more than 4 percent as traders appear spooked by the consumer price index, which increased by 3.1 percent from November 2022 to November 2023, The Labor Department said on Tuesday. The CPI rose 0.1 percent from October to November, the most recent data showed. While inflation fears contributed to falling oil prices, the commodity has struggled to find its footing since OPEC+ disappointed the markets with voluntary production cuts from its members that are set to take place on January…