Oil prices fall on demand fears over Fed's rates path

21-05-2024 10:38 AM

Ammon News - Oil prices extended losses in Asia trade on Tuesday, with investors anticipating lingering U.S. inflation and higher interest rates to depress consumer and industrial demand.

Brent crude futures fell 57 cents, or 0.68%, to $83.14 a barrel by 0613 GMT. U.S. West Texas Intermediate crude (WTI) slipped 58 cents, or 0.73%, to $79.22 a barrel.

Both benchmarks fell less than 1% on Monday as U.S. Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts.


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