Oil prices sink to year’s low

NEW YORK: Oil prices fell about 3 per cent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.
Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 per cent loss. US West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 per cent loss.
Brent earlier hit a session low of $54.64 a barrel, the weakest since mid-September 2017, while WTI sank to $45.82, near its lowest since late August 2017.
Equities dropped worldwide after the Federal Reserve raised US rates and maintained most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.
US stock markets continued their decline on Thursday, dragging oil prices lower. — Reuters