Summary Brent North Sea crude for delivery in June dropped seven cents to $103.74 per barrel in in London.
LONDON (AFP) - World oil prices fell on Tuesday in cautious trade as investors sat on their hands before key interest rate decisions later this week in the eurozone and the United States, analysts said.
Brent North Sea crude for delivery in June dropped seven cents to $103.74 per barrel in early afternoon deals in London.
New York s main contract, light sweet crude for June, reversed 24 cents to $94.26 per barrel.
On Wednesday, the US Federal Reserve s policy setting Federal Open Market Committee (FOMC) will announce the outcome of its latest meeting, but is expected to maintain its monetary policy. And on Thursday, the European Central Bank will unveil its latest interest rate decision. Most analysts predict that the ECB will cut its key interest rate, which is already at an all-time low level of 0.75 percent.
"Crude oil prices have been on a consolidation as investors ... remain cautious ahead of the rate decisions from the FOMC meeting and ECB on Wednesday and Thursday, respectively," said Sucden analyst Myrto Sokou.
She added: "Today, the release of the US Chicago PMI data as well as consumer confidence figures could provide some momentum to the oil market. However, we do not expect any big surprises in today s trading session."
Crude futures had already risen Monday as market expectations grew for an ECB rate cut later this week in order to boosting growth in the eurozone.
