Oil prices fell during early Asian trading on Thursday, following the Federal Reserve’s announcement on Wednesday that it would slow the pace of interest rate cuts next year. This decision could impact fuel demand.
Brent crude futures dropped by 27 cents, or 0.4%, to $73.12 per barrel as of 7 a.m. GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by 39 cents, or 0.6%, to $70.19 per barrel.
Federal Reserve Chair Jerome Powell attributed the anticipated slowdown in 2025 to inflationary pressures. During a press conference, Powell stated, “We may be more cautious in making future interest rate decisions, and it will take two years to reach our 2% inflation target.”
