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Oil prices dip as high interest rate outlook outweighs tight supply
Oil prices slipped in early trade on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Brent crude futures were down 11 cents at $93.18 a barrel at 0055 GMT and U.S. West Texas Intermediate crude futures were trading 1 cent lower at $89.67. The world's top economic policy makers, the U.S. Federal Reserve and the European Central Bank, have over the recent days reiterated their commitment to fight inflation, signalling tight policy may persist longer than previously anticipated. Higher interest rates slow ... (full story)