Oil prices fall on fear of high US interest rates depressing demand

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.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil price news: Oil declines as U.S. inflation data remains stubbornly elevatedOil 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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Oil price news: Oil drops with U.S. inflation data still stubbornly highOil fell as U.S. economic data showed inflation remains elevated, adding to bets the U.S. Federal Reserve won’t rush to cut interest rates this year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »