Oil continues tumble, losing 6% on week on inflation, Fed worries

Oil costs proceeded with their tumble Tuesday, losing some 6% on the week, as fears mounted over the chance of the Federal Reserve turning forceful on interest rates again in the approaching year as U.S. monetary information proposed unrelenting tension on expansion.

West Texas Intermediate , or WTI, crude for January conveyance was down $2, or 2.6%, to $74.93 per barrel by 11:30 ET (16:30 GMT). It sank to an intraday low of $74.69 prior. Week-to-date, WTI was down 6.4%.

London-traded Brent crude for February was down $2.29, or 2.8%, to $80.39. It hit a meeting low of $80.19 prior. Brent was down 5.8% on the week.