TOKYO - Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand.
"Investors are reluctant to take big positions ahead of the Jackson Hole Symposium later this week as they want to find clues for the next step by the U.S. Federal Reserve," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Its weak growth has frustrated markets as pledged stimulus has fallen short of expectations, including a smaller-than-expected cut in a key lending benchmark on Monday.