TOKYO - Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand.
"Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities.Fed Vice Chair Philip Jefferson said on Monday it was too early to tell if the inflation slowdown is "long lasting," while Vice Chair Michael Barr said restrictive policy needs more time.
On the other hand, the market appeared little affected by political uncertainty in two major oil-producing countries. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.Trump Media and Technology Group, the company affiliated with former U.S. president Donald Trump that operates Truth Social, reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million. Shares in Sarasota, Fla.
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