Oil prices fell at Asia's open on Monday, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran. The front month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 12 cents to $83.02 a barrel. On Friday, Chicago Federal Reserve President Austan Goolsbee became the latest central banker to signal a longer timeline for interest rate cuts because progress on inflation had "stalled".
Oil Prices Retreat as US Crude Build, Rate Cut Concerns Come to the Fore usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
SINGAPORE :Oil prices fell on Monday, dragged down by a renewed focus on market fundamentals as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran.Brent futures fell 67 cents, or 0.77 per cent, to $86.62 a barrel by 0402 GMT.