Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand.
Brent crude dipped 17 cents, or 0.2%, to $83.86 a barrel by 0031 GMT while U.S. West Texas Intermediate crude was at $79.56 a barrel, down 8 cents, or 0.1%.Markets are awaiting hints on the outlook for interest rates from policy makers when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for their annual central bank conference later this week.
"Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term," he said.rest of the year On the supply side, Saudi Arabia has volunteered to cut output by another 1 million barrels per day from July through September, and Russia plans to reduce exports in August by 500,000 bpd, part of a deal among members of the Organization of the Petroleum Exporting Countries and its allies, a grouping know as OPEC+, to curb supplies and support prices.
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