Oil Prices Tumble To Lowest In More Than A Year As Equities Sell Off

Oil prices fell about 5 percent on Thursday, hitting their lowest level in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

Brent crude futures fell $2.89, or 5.05 percent, to settle at $54.35 a barrel. US West Texas Intermediate (WTI) crude futures fell $2.29, or 4.75 percent, to settle at $45.88 a barrel.

Brent hit a session low of $54.28 a barrel, its lowest price since mid-September 2017, while WTI sank to $45.67, its lowest price since late August 2017.

Global stock markets dropped after the US Federal Reserve raised rates on Wednesday and maintained most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.

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