00:00Oil prices settled lower on Wednesday as investors worried about possible U.S. interest rate hikes
00:05and awaited updates on a high-stakes summit in Beijing between U.S. President Donald Trump and China's Xi Jinping.
00:12Brent grid futures closed down $2.14 or 2% to $105.63 a barrel.
00:19U.S.-West Texas intermediate futures fell $1.16 or 1.14% to $101.02.
00:29Boston Federal Reserve President Susan Collins said on Wednesday the U.S. Central Bank may need to raise interest rates
00:36if inflation pressures do not abate, a sign that the war has begun to wait on the U.S. economy.
00:42Higher oil prices have pushed up fuel costs and economic aspects to see effects in the months ahead.
00:48U.S. producer prices in April posted their biggest increase in four years,
00:53boosted by soaring costs for goods and services, the latest sign of accelerating inflation during the war with Iran.
01:00In April, U.S. consumer prices rose sharply for a second straight month,
01:06producing the largest annual increase in inflation in nearly three years.
01:11Higher interest rates increase borrowing costs for businesses and consumers,
01:16which could slow economic growth and reduce all demand.
01:19low interest rates have been used in the stressing blocks.
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