TOKYO : Oil prices fell in early trade on Tuesday, paring strong gains from the previous two sessions as markets remain cautious ahead of U.S. inflation figures for April which will be key to the Federal Reserve's next interest rate decision.
Markets are awaiting U.S. consumer price inflation figures for April due on Wednesday to provide some indication on the U.S. central bank's next rate decision. U.S. consumers said last month they expected slightly lower inflation in a year's time, a report showed on Monday. "The oil market was extremely oversold and it will probably continue to stabilize as long as Wall Street is still confident the Fed will cut rates later this year," Edward Moya, senior market analyst at OANDA, said in a note.
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