Oil price drops further over US rate hike

Oil prices fell on Wednesday as fears that more aggressive U.S. interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in U.S. crude stocks.

Brent crude futures were down $74 cents, or 0.9 per cent, to $82.55 per barrel.

U.S. West Texas Intermediate crude futures slipped 99 cents, or 1.3 per cent, to $76.59 a barrel.

Both Brent and WTI fell by more than 3 per cent on Tuesday after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data.


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