Oil prices hover near 4-month highs as Russia sanctions stay in focus
Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh U.S. sanctions on Russian oil remained the market's main focus, ahead of U.S. inflation data this week.
Brent futures slipped 53 cents, or 0.7%, to $80.48 a barrel by 0746 GMT, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.6% to $78.38 a barrel.
Prices jumped 2% on Monday after the U.S. Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that trade oil as part of Russia's so-called "shadow fleet" of tankers.
The U.S. producer price index (PPI) will be released later in the day, with consumer price index (CPI) data on Wednesday.
Any rise in core inflation greater than the forecast 0.2% on Wednesday would threaten to close the door to further Federal Reserve interest rate cuts this year.
Lower interest rates typically help in stimulating economic growth, which could prop up oil demand.
Source: Reuters
