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Oil slips for third session on likely 'higher for longer' US rates
Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve could keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer. Brent crude futures were down 43 cents, or 0.5 per cent, to $82.45 a barrel. U.S. West Texas Intermediate crude (WTI) futures slipped 50 cents, or 0.6 per cent, to $78.16. Oil prices settled about 1 per cent lower on Tuesday. Fed policymakers said on Tuesday the U.S. central bank should wait several more months to ensure that inflation really is back on track to its 2 per cent ... (full story)