Oil Sinks as Hawkish Fed Spooks Investors, Overshadows EIA Data
- Rate hikes and warnings spark renewed fears of slowdown
- WTI drops below $70 a barrel, erases weekly gains so far
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Oil settled below $70, erasing all of this week’s gains, as worries about high interest rates rattled investors.
West Texas Intermediate tumbled more than 4% to its lowest close in a week as risk-off sentiment in wider markets overshadowed data showing a drop in US crude inventories. US crude inventories declined by about 4 million barrels last week, government date showed, but it was still not enough to counteract the negative mood, traders said.