Reuters
Oil prices slump as investors fear Fed rate hikes will hurt demand
NEW YORK (Reuters) -Oil prices dropped by nearly $2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth. Powell said the Fed’s focus on curbing inflation was “unconditional” and the labor market was unsustainably strong, comments that stoked fears of more rate hikes. Also, high gasoline prices could be starting to slow demand, said Robert Yawger, director of energy futures at Mizuho in New York.
