Oil prices slip, reversing gains after bearish US economic data HOUSTON : Oil prices ended nearly 1% lower on Tuesday (Sept 13), reversing earlier gains as US consumer prices unexpectedly rose in August, giving cover for the Federal Reserve to deliver another hefty interest rate increase next week. Brent crude for November delivery settled 83 cents lower at US$93.17 (RM420.10) a barrel with a 0.9% loss, after trading between US$95.53 and US$91.05. US October crude futures closed down 47 cents, or 0.5%, at US$87.31 (RM393.68), after touching a high of US$89.31 and low of US$85.06. The consumer price index gained 0.1% last month after being unchanged in July, the US Labor Department said. Economists polled by Reuters had forecast a 0.1% fall. Fed officials are set to meet next Tuesday and Wednesday, with inflation way above the US central bank’s 2% target. “The Fed may have to raise rates quicker than expected which could cause a ‘risk back off’ sentiment in crude and further strength to the dollar,” said Dennis Kissler, senior vice president of trading at BOK Financial.