From Investing.com: 2024-05-21 12:56:01

Oil prices dropped over 1% on Tuesday due to lingering U.S. inflation concerns keeping interest rates high, potentially impacting consumer demand for gasoline at the pump. Gasoline prices in the U.S. fell to $3.58 per gallon, with consumers cutting back due to inflation. The U.S. will sell nearly 1 million barrels of gasoline in a northeastern reserve to ensure supply flow. Investors are awaiting Wednesday’s Fed meeting minutes and weekly U.S. oil inventory data, with prices expected to remain stagnant. Two Federal Reserve policymakers suggest waiting several months before considering interest rate cuts. OPEC+ will meet on June 1 to discuss output policy, potentially extending voluntary supply cuts if demand remains low.



Read more at Investing.com: Oil down on inflation, gasoline demand weak ahead of US summer driving season By Reuters