Oil prices dropped as a hike in US interest rates impelled a flood of money away from commodities and into U.S. bonds and the dollar. Report said that stronger dollar, in which oil is traded, can hit crude demand as it makes fuel purchases more expensive for countries using other currencies at home.
On Wednesday, closing crude values have decreased.WTI on NYME closed at $52.98/bbl, prices have decreased by around $1.94/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.82/bbl in compared to last trading and was assessed around $53.90/bbl.
