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BusinessReutersOil prices fall on fear of high US interest rates depressing demand
Oil prices fell in early Asia trade on Tuesday, with investors anticipating lingering U.S. inflation and higher interest rates to depress consumer and industrial demand. Both benchmarks fell less than 1% on Monday as U.S. Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities.
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BusinessReutersTop U.S. natural gas producer Chesapeake Energy cuts jobs
Chesapeake Energy, a top U.S. natural gas producer, began laying off employees this week after completing the divestiture of its oil assets last year, the company said on Monday. This week's layoffs follow its divestment of its Eagle Ford assets, not the company's pending merger with Southwestern Energy, Chesapeake said. Chesapeake in 2022 said it would exit the Eagle Ford shale field in south Texas, making it a pure-play natural gas producer.