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.