Oil slips for third session on likely 'higher for longer' US rates

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SINGAPORE : Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve could keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer.Brent crude futures were down 43 cents, or 0.

FILE PHOTO: Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File photo

Brent crude futures were down 43 cents, or 0.5 per cent, to $82.45 a barrel. U.S. West Texas Intermediate crude futures slipped 50 cents, or 0.6 per cent, to $78.16. Oil prices settled about 1 per cent lower on Tuesday. Ahead of this weekend's Memorial Day holiday, which kicks off the U.S. peak summer driving season, retail gasoline prices fell for the fourth consecutive week. U.S. prices of diesel, a key refined product for both the industrial sector and transport, have also slipped.

Source: Loan Digest (loandigest.net)

 

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