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Oil prices fall after U.S. hikes interest rates

Oil&Gas Materials 15 December 2016 06:35
Oil prices dropped on Thursday as a hike in U.S. interest rates prompted a flood of money away from commodities and into U.S. bonds and the dollar
Oil prices fall after U.S. hikes interest rates

Oil prices dropped on Thursday as a hike in U.S. interest rates prompted a flood of money away from commodities and into U.S. bonds and the dollar, Reuters reported.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.89 per barrel at 00101 GMT, down 15 cents from their last settlement.

International Brent crude oil futures were down 5 cents at $53.85 a barrel.

Those losses came on the back of declines seen late on Wednesday, when crude fell over 3 percent due to a strong dollar.

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