Brent trades below $55 as sell-off continues amid Fed rate hike
Oil prices continued to fall on Thursday, with Brent crude breaking through $55 levels in response to the US Federal Reserve opting to raise rates for the fourth time this year.
Brent crude slid 3.2% in the early hours of trading on Thursday, while the West Texas Intermediate (WTI) following suit, falling 3.9% to hit $46.30 a barrel.
October highs vanish
Oil prices have seen their October highs, with Brent crude hitting a high of $86.29 a barrel, completely disappear in the final quarter of the year.
In fact, in the last 11 weeks, Brent crude has fallen 36.5% with ongoing oversupply concerns, global economic cooling and most recently the US interest rate hike helping to erode gains made earlier in the year.
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