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Oil falls on fuel demand woes ahead of U.S. Fed comments

  • 📰 Reuters
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Oil prices fell for a third trading session on Wednesday as concerns about fuel demand were stoked by expectations that minutes due from the U.S. Federal Reserve will indicate a need to hike interest rates.

Brent crude futures for April delivery fell $1.13, or 1.36%, to $81.92 a barrel by 1025 GMT. West Texas Intermediate crude futures for April dropped by $1.18, or 1.55%, to $75.18 a barrel.

The U.S. Fed will release the minutes of its latest meeting on Wednesday, which will give traders a glimpse of how high officials are projecting interest rates will go afterHigher interest rates tend to lift the dollar, making dollar-denominated oil more expensive for holders of other currencies and reducing demand.

Other economic reports from the U.S., the world's biggest oil consumer, showed some troubling signs however. Sales of existing homes

 

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Brent oil falls on fears over global economic slowdownBrent oil fell on Tuesday, reversing the previous day's gain, as fears that a global economic slowdown, and drop in fuel demand, amid aggressive interest rate hikes by the U.S. central bank prompted investors to take profits.
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