Oil prices fell in early Asia trade on Tuesday, with investors anticipating lingering US inflation and higher interest rates to depress consumer and industrial demand.

Brent crude futures fell 44 cents, or 0.53 percent, to $83.27 a barrel. US West Texas Intermediate crude (WTI) slipped 51 cents, or 0.64percent, to $79.29 a barrel.

Both benchmarks fell less than one percent on Monday as US Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts.

"Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities.

Fed Vice Chair Philip Jefferson said on Monday it was too early to tell whether the inflation slowdown is "long lasting," while Vice Chair Michael Barr said restrictive policy needs more time. Atlanta Fed President Raphael Bostic said it will "take a while" for the central bank to be confident that a price growth slowdown is sustainable.

Lower interest rates reduce borrowing costs, freeing up funds that could boost economic growth and demand for oil.

On the other hand, the market appeared little affected by political uncertainty in two major oil-producing countries.

"While there has been an up move over some uncertainty in Iran, prices have since pared back some gains, as investors price for the status-quo in terms of policies for now and that any wider regional conflict remains off the table," IG market strategist Yeap Jun Rong said in an email to Reuters.

Iranian President Ebrahim Raisi, a hardliner and potential successor to Supreme Leader Ayatollah Ali Khamenei, was killed in a helicopter crash, while Saudi Arabia's Crown Prince Mohammed Bin Salman deferred a trip to Japan because of the health of his father, the king.

"The death of the Iranian President and the Saudi king's health issue don't seem to be affecting the market much, as it is unclear whether they will have an immediate impact on energy policy," Fujitomi's Tazawa said.

Investors are focusing on supply from the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+. They are scheduled to meet on June 1 to set output policy, including whether to extend some members' 2.2 million barrels per day of voluntary cuts.

"Prices remain in wait for a catalyst to drive a breakout of the current range, with eyes still on any geopolitical developments, along with oil inventories data this week," Yeap said.

OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

SOURCE: REUTERS

Lahore: The 20 officers were suspended in Punjab Food Department for corruption, incompetence and negligence of duty.

According to the spokesman, six assistant food controllers have been suspended from Sheikhupura, Faisalabad, Jhang and Gujar Khan. While three assistant food controllers and three food inspectors and one junior clerk have been suspended from Sargodha, Khushab and Bhakkar.

The spokesman stated that Secretary Food Punjab suspended 20 officers following the orders of Minister Food Punjab.

Food Minister Bilal Yasin said that officers did not take action against the presence of sub-standard wheat at flour mills.

The Hague: The International Criminal Court's (ICC) prosecutor said on Monday he had requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defence chief and three Hamas leaders over alleged war crimes.

ICC prosecutor Karim Khan said in a statement issued after more than seven months of war in Gaza that he had reasonable grounds to believe the five men "bear criminal responsibility" for alleged war crimes and crimes against humanity.

He stated that he had applied for an arrest warrant for Israeli Defence Minister Yoav Gallant as well as for Netanyahu. They have overseen Israel's offensive against Hamas in Gaza since the Palestinian militant group's deadly October 7 raid on Israel.

Khan has also applied for arrest warrants for Hamas chief Yahya Sinwar; Mohammed Al-Masri, the commander-in-chief of the military wing of Hamas who is widely known as Deif; and Ismail Haniyeh, head of Hamas' Political Bureau.

A panel of pre-trial judges will determine whether the evidence supports the arrest warrants. But the court has no means to enforce such warrants, and its investigation into the Gaza war has been opposed by the United States and Israel.

Israel and Palestinian leaders have dismissed allegations of war crimes, and representatives for both sides criticised Khan's decision.

"I reject with disgust the comparison of the prosecutor in the Hague between democratic Israel and the mass murderers of Hamas," Netanyahu said, calling the move a "complete distortion of reality."

US President Joe Biden called the legal step "outrageous", while Secretary of State Antony Blinken said it could jeopardize negotiations on a hostage deal and ceasefire.

Senior Hamas official Sami Abu Zuhri said the prosecutor's decision to request warrants for the three Hamas leaders "equates the victim with the executioner". Hamas demanded the arrest warrant request for its leaders be canceled.

Netanyahu Bears 'Criminal Responsibility'

The ICC issued an arrest warrant for Russian President Vladimir Putin in March 2023 over alleged war crimes in the Ukraine war, but Monday's step was the first time Khan has sought to intervene in the conflict in the Middle East.

"Israel, like all States, has a right to take action to defend its population," Khan said. "That right, however, does not absolve Israel or any state of its obligation to comply with international humanitarian law."

He said crimes against humanity allegedly carried out by Israel were part of "a widespread and systematic attack against the Palestinian civilian population pursuant to State policy."

"These crimes, in our assessment, continue to this day," he said.

Evidence his office collected showed Israel had systematically deprived civilians of "objects indispensable to human survival" including food, water, medicine and energy, he said. Netanyahu and Gallant bore responsibility, he said, for Israel willfully causing great suffering and for killing as a war crime.

The Hamas leaders face allegations of bearing responsibility for crimes committed by Hamas including extermination and murder, the taking of hostages, torture, rape and other acts of sexual violence.

"Drawing parallels between the leaders of a democratic country determined to defend itself from despicable terror to leaders of a blood-thirsty terror organisation (Hamas) is a deep distortion of justice and blatant moral bankruptcy," Israeli war cabinet minister Benny Gantz said.

Watershed Event

The ICC is the world's first permanent international war crimes court. It 124-member states are obliged to immediately arrest the wanted person if they are on a member state's territory.

A court of last resort, the ICC steps in only when a state is unwilling or genuinely unable to do so itself. Israel has said alleged war crimes in Gaza are being investigated domestically.

Israel and its main ally the United States are not members of the ICC, along with China and Russia.

Member states have in the past failed to hand over suspects who entered their territory, including Sudanese former President Omar Bashir, wanted since 2005 for war crimes and genocide.

But if warrants are issued against Israeli leaders, court members including nearly all European Union countries could be put in a diplomatically difficult position.

"This is a watershed event in the history of international justice," said Reed Brody, a veteran war crimes prosecutor. "The ICC has never, in over 21 years of existence, indicted a western official. Indeed, no international tribunal since Nuremberg (against representatives of Nazi Germany) has done so."

At least 35,000 Palestinians have been killed in the war in Gaza, according to the enclave's health ministry, and aid agencies have also warned of widespread hunger and dire shortages of fuel and medical supplies.

Some 1,200 people were killed and more than 250 taken hostage in the Hamas-led October 7 rampage, according to Israeli tallies.

SOURCE: REUTERS