Oil prices edged lower after Fed governors said they were in no hurry to cut interest rates

(1) Oil prices fell on Friday after a Federal Reserve official said interest rate cuts should be postponed for at least another two months. Brent crude futures for May delivery fell 0.3% to $82.47 a barrel, while West Texas Intermediate (WTI) futures for April delivery also fell 0.3% to $78.32 a barrel. (2) Fed Governor Waller said Thursday that Fed policymakers should delay rate cuts for at least a few more months to see if the recent pickup in inflation signals stalled progress toward price stability or is just a bump in the road. (3) Keeping Intrerest rates higher for longer periods of time slows economic growth, thereby dampening oil demand. Waller also pushed back against the idea that the Fed could tip the economy into recession if it waited too long to cut rates, saying the Fed could afford to “wait a little longer” before easing policy. (4) Oil prices gave back some of Thursday’s gains after Waller’s remarks. Oil futures closed 0.36% higher on Thursday as hostilities continued in the Red Sea region and Iranian-aligned Houthis intensified their attacks near Yemen, but a sharp rise in U.S. crude inventories capped gains