Fed39;s Powell need higher interest rates for longer
U.S. stocks seen up 1.4 million barrels poll
Market unwinding war premium, says analyst

April 17 Reuters Oil prices slipped for the third straight session on Wednesday as likely higher U.S. commercial inventories weighed, while weaker economic data from China and dimmed prospects of interest rate cuts stoked worries about global demand.

Brent futures for June were down 21 cents, or 0.2, to 89.81 a barrel at 0915 GMT, while U.S. crude futures for May were down 19 cents, or 0.2, to 85.17 a barrel.

Oil prices have softened so far this week as economic headwinds curb gains from geopolitical tensions, with markets eyeing how Israel might respond to Iran39;s weekend attack.

Analysts do not expect Iran39;s unprecedented missile and drone strike on Israel to prompt dramatic sanctions on Iran39;s oil exports from the United States.

Oil prices go about their business of unwinding some of the war premium that has been pricedin, said John Evans at oil broker PVM, adding that they also faced a setback in interest rate cut hopes.

Top U.S. Federal Reserve officials including Chair Jerome Powell backed away on Tuesday from providing any guidance on when interest rates may be cut, dashing investors39; hopes for meaningful reductions in borrowing costs this year.

Britain39;s inflation rate slowed by less than expected in March, signalling that a first rate cut by the Bank of England could also be further off than previously…