Oil prices fell on Wednesday, retreating for a third straight day on expectations that the Federal Reserve might keep U.S. interest rates higher for longer due to sustained inflation, potentially affecting fuel use in the world’s largest consumer.
Brent crude futures were down 64 cents, or 0.8 per cent, at $82.24 a barrel, while U.S. West Texas Intermediate crude dropped 65 cents, or 0.8 per cent, to $78.01 by 1010 GMT. Both benchmarks shed more than 1 per cent earlier in the session. Fed policymakers said on Tuesday the U.S. central bank should wait several more months to ensure that inflation really is back on track towards its 2 per cent target before cutting interest rates.Investors are awaiting minutes from the Fed’s last policy meeting and, following the API data, the latest official U.S. oil inventory figures from the Energy Information Administration due later on Wednesday.
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