LONDON—Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week.
Brent crude was down 80 cents, or 0.9 percent, to $93.20 a barrel at 1254 GMT, while WTI crude fell 77 cents, or 0.9 percent, to $87.01 a barrel.
The consumer price index gained 0.1 percent last month after being unchanged in July, the U.S. Labor Department said on Tuesday. Economists polled by Reuters had forecast a 0.1 percent fall.
Fed officials are set to meet next Tuesday and Wednesday, with inflation way above the U.S. central bank’s 2 percent target….