Oil prices tumble nearly 3% as investors eye US Fed rate hikes
NEW YORK (Reuters) -Oil prices tumbled about 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel.
Brent crude futures were down $2.95, or 2.6%, to $111.70 a barrel by 12:43 p.m. EDT (1643 GMT). It hit a session low of $107.03 a barrel, lowest since May 19.
U.S. West Texas Intermediate (WTI) fell $3.15, or 2.9%, to $106.37 a barrel. The session low was $101.53 a barrel, lowest since May 11.
Investors assessed on Wednesday how interest rate hikes designed to cool soaring inflation might stall an economic recovery.
