Oil prices fall as investors weigh Fed chair comments, rate hike
Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.
Brent crude futures fell 80 cents, or 1 percent, to $75.89 a barrel by 00:09 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2percent, to $70.06.
Both crude benchmarks had settled on Wednesday at their highest close since March 14.
Powell also said on Wednesday that banking industry stress could trigger a credit crunch with “significant” implications for an economy that U.S. central bank officials projected would slow even more this year than p…
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