Oil drops 1% as market frets about risk of US interest rate hike
Oil prices fell over 1% on Thursday as the market digested the higher likelihood of a US interest rate hike that could dent energy demand, while tighter US crude supplies limited losses.
Brent crude futures were down 91 cents, or 1.2%, to $75.74 a barrel by 11:14 am EDT (1514 GMT), after a 0.5% gain the previous day.
US West Texas Intermediate crude dropped 82 cents, or 1.1%, to $70.97 a barrel, after rising 2.9% in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week.
