Oil prices dropped sharply on Wednesday, sliding by 2 per cent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories.
The U.S. Federal Reserve is likely to have one more interest rate rise in store, Atlanta Fed President Raphael Bostic said on Tuesday, as the central bank continues to battle inflation. In Europe, European Central Bank officials are also wary of inflation and have suggested that interest rates need to continue rising.
The economy of top crude oil importer China grew by a faster than expected 4.5 per cent in the first quarter and the country’s oil refinery throughput rose to record levels in March, data showed.
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