Oil falls on prospect of higher-for-longer US interest rates, stronger dollar

NEW YORK – Oil prices fell by nearly $1 a barrel on Friday as comments from US central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world's largest crude consumers.

"The two Fed speakers certainly seemed to put the kibosh on the prospect of rate cuts," said John Kilduff, a partner at Again Capital. Oil prices were also under pressure from rising US fuel inventories approaching the typically robust summer driving season, said Jim Ritterbusch of Ritterbusch and Associates.

Money managers, meanwhile, cut their net long US crude futures and options positions in the week to May 7 by 56,517 contracts to 82,697, the US Commodity Futures Trading Commission said.

US Interest Rates US Inflation US Rate Cuts

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