Oil price news: Oil declines as U.S. inflation data remains stubbornly elevated

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Oil fell as U.S. economic data showed inflation remains elevated, adding to bets the Federal Reserve won’t rush to cut interest rates this year.

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U.S. Federal Reserve holds interest rate, saying it will take 'longer than expected' to start cuttingFederal Reserve Chair Jerome H. Powell testifies before a U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., March 7, 2023.
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Federal Reserve says interest rates will stay at two-decade high until inflation further coolsWASHINGTON (AP) — The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably t
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