LONDON—Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes.
Brent crude futures for October settlement fell $2.45, or 2.33 percent, to $102.64 a barrel by 1022 GMT, after climbing 4.1 percent on Monday, the biggest increase in more than a month.
The October contract expires on Wednesday and the more active November contract was at $101.12 a barrel, down 1.76 percent.
U.S. West Texas Intermediate crude was at $95.46 a barrel, down $1.55, or 1.6 percent, following a 4.2 percent rise in the previous session.
Inflation is near double-digit territory in many of the world’s biggest economies, a level not seen in close to a half century. This could prompt central banks in the United States and Europe to resort to more aggressive interest rate hikes that could curtail economic growth and weigh on fuel demand….