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

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.futures were down 43 cents, or 0.5%, to $82.45 a barrel. U.S. West Texas Intermediate crude futures slipped 50 cents, or 0.6%, to $78.16. Oil prices settled about 1% 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. The euro zone has all but promised a rate cut on June 6 amid more positive economic outlook. European Central Bank President Christine Lagarde said in an interview aired on Tuesday that she was"really confident" euro zone inflation was under control.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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