Oil Eases on Worries about US Inflation, Interest Rates

OIL PRICE - NEW YORK, May 20 (Reuters) - Oil prices eased less than 1% on Monday as U.S. Federal Reserve officials said they were awaiting more signs that inflation was declining before the central bank starts cutting interest rates.

Two top Fed officials said they're not yet ready to say inflation trends are again moving sustainably back to the central bank's 2% target, weighing in after data last week showed a welcome easing in consumer price pressures in April.

Lower interest rates would reduce borrowing costs for consumers and businesses, which could boost economic growth and demand for oil.