Oil Updates – crude slips for third session on likely ‘higher for longer’ US rates

SINGAPORE: Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve might keep US interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world’s largest oil consumer, according to Reuters.

Brent crude futures were down 71 cents, or 0.9 percent, to $82.17 a barrel, while US West Texas Intermediate crude futures slipped 73 cents, or 0.9 percent, to $77.93 as of 9:50 a.m. Saudi time.

Oil prices settled about 1 percent lower on Tuesday.

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