WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday, extending losses to a second straight session, amid concerns about interest rates after comments from a few Fed officials suggested that the central bank might keep rates higher for a longer period.
West Texas Intermediate Crude oil futures for June dropped to around $79.06 a barrel, down 0.74 or 0.93%.
Brent crude futures were down $0.80 or 0.98% at $82.91 a barrel a little while ago.
The International Energy Agency (IEA) in its report last week had trimmed its outlook for crude demand this year, citing concerns over weaker economic conditions due to pressure from interest rates.
Investors are looking ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while the inventory data from EIA is due out Wednesday morning.
The market is awaiting the OPEC+ ministerial meeting scheduled for June 1. The group will decide on its production policy. It is widely expected that it will decided to extend the 2.2-million barrels per day of production cuts slated to end on June 30.
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