Oil Falls as Fed Interest Rate Outlook Stokes Demand Fears

OIL PRICE - SINGAPORE. Oil prices extended losses on Tuesday, with investors expecting lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.

Brent crude futures fell 64 cents, or 0.7%, to $83.07 a barrel by 0845 GMT. U.S. West Texas Intermediate crude (WTI) slipped by 64 cents, or 0.8%, to $79.16.