KONTAN.CO.ID - NEW YORK. Oil prices edged higher on Tuesday after reaching a two-week low earlier in the session, as investors weighed demand concerns stemming from an uncertain economic outlook against expectations of tighter supply for the rest of this year. Brent crude futures were higher by 43 cents at $93.72 a barrel at 10:47 a.m. EDT (1447 GMT), while U.S. West Texas Intermediate crude futures were trading 59 cents higher at $90.27. The world's top central banks, the U.S. Federal Reserve and the European Central Bank, have in recent days reiterated their commitment to fight inflation, signalling tight monetary policy may persist longer than previously anticipated. Higher interest rates slow economic growth, which curbs oil demand.
Oil Prices Edge Higher as Economic Outlook Balances Tight Supply
KONTAN.CO.ID - NEW YORK. Oil prices edged higher on Tuesday after reaching a two-week low earlier in the session, as investors weighed demand concerns stemming from an uncertain economic outlook against expectations of tighter supply for the rest of this year. Brent crude futures were higher by 43 cents at $93.72 a barrel at 10:47 a.m. EDT (1447 GMT), while U.S. West Texas Intermediate crude futures were trading 59 cents higher at $90.27. The world's top central banks, the U.S. Federal Reserve and the European Central Bank, have in recent days reiterated their commitment to fight inflation, signalling tight monetary policy may persist longer than previously anticipated. Higher interest rates slow economic growth, which curbs oil demand.