2024-02-28T04:37:23+00:00
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/ Oil prices fell in Asia on Wednesday, as the possibility of postponing the US interest rate cut cycle and rising US crude inventories overshadowed the support they received on Tuesday from news that OPEC+ may extend production cuts.
Brent crude futures were down 30 cents, or 0.36 percent, at $83.35 a barrel by 0302 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $78.59 a barrel.
Federal Reserve Governor Michelle Bowman indicated on Tuesday that she is in no rush to cut U.S. interest rates, especially given the upside risks to inflation that could hamper progress in controlling price pressures or even lead to their resurgence.
OPEC and its allies led by Russia, known as OPEC+, agreed in November to a total voluntary cut of about 2.2 million barrels per day in the first quarter of this year, led by Saudi Arabia, which renewed its voluntary cut.