Oil falls on profit-taking as Brent surges $90 barrel on US rate hike buzz
Oil prices fell on Thursday as investors cashed in profits from the 2% gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets.
Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and a surge in the U.S. dollar. Crude prices have surged amid the tensions between Ukraine and Russia, the world’s second-largest oil producer, that has fanned fears of disruptions of natural gas to Europe.
Brent crude futures slipped 31 cents, or 0.3%, to $89.65 a barrel at 0122 GMT, after jumping about 2% to hit $90 for the first time in seven years on Wednesday. U.S.
