Oil prices edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world’s biggest oil user, would slow economic growth and limit fuel demand, according to Reuters.
Brent futures for March fell 33 cents to $79.32 a barrel, a 0.4 per cent drop.
U.S. West Texas Intermediate crude dipped 29 cents, or 0.4 per cent, to $74.34 per barrel.
Both benchmarks climbed 1 per cent on Monday, after China, the world’s biggest oil importer and second-largest consumer, opened its borders over the weekend for the first time in three years.
Two United States Federal Reserve officials this week expected the Fed policy rate – now at 4.25 per cent to 4.5 per cent – to need to rise to a 5 per cent to 5.25 per cent range to bring higher inflation rates under control.