Oil prices fell, as the market assessed the possibility of the Federal Reserve raising interest rates, which could slow growth and reduce oil consumption, which was overshadowed by the decline in US inventories and strong Chinese economic data. Crude futures fell $1.38, or 1.63%, to $83.39. U.S. West Texas Intermediate crude fell $1.26, or 1.56%, to $79.60 a barrel.
Atlanta Federal Reserve President Rafael Bostic said the U.S. central bank would likely make another rate increase to fight inflation. Markets expect an 86% chance that the Federal Reserve will raise interest rates by 25 basis points at its policy meeting in May.
Source (Al-Arabiya.net Website, Edited)
