Oil prices fell after the head of the US Federal Reserve warned there is no quick cure for inflation, while talk of a hefty European Central Bank rate hike also stoked demand worries, according to Reuters.
The US economy will need tight monetary policy “for some time” before inflation is under control, a fact that means slower growth, a weaker job market and “some pain” for households and businesses, US Federal Reserve Chair Jerome Powell said.
Oil futures, along with Wall Street’s main stock indexes, fell after the remarks. “The market is taking (Powell) at his word,” said Phil Flynn, an analyst at Price Futures group in Chicago.—Arab News
