Oil prices ease on concerns over rate hikes, China gloom

News Snapshot:

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo Acquire Licensing Rights TOKYO, Aug 23 (Reuters) - Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand. Brent crude dipped 17 cents, or 0.2%, to $83.86 a barrel by 0031 GMT while U.S. West Texas Intermediate crude was at $79.56 a barrel, down 8 cents, or 0.1%. Both benchmarks lost about 0.5% on Tuesday. Markets are awaiting hints...