Crude oil falls after US Fed governor says no rush to cut interest rates

Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months. Brent crude futures were down 25 cents, or 0.3%, at $83.42 a barrel at 0212 GMT, while U.S. West Texas Intermediate crude futures were 25 cents, or 0.3%, lower at $78.36.

U.S. Federal Reserve policymakers should delay interest rate cuts by at least another couple of months to see if a recent uptick in inflation signals stalling progress toward price stability or is just a bump in the road, Fed Governor Christopher Waller said on Thursday. Higher interest rates for longer slow economic growth, which curbs oil demand.