Oil falls 1% after Fed rate hike

Brent crude futures closed down 72 cents, or 0.9%, at US$82.92 a barrel, while US West Texas Intermediate (WTI) crude settled at US$78.78, down 85 cents, or 1.1%.

HOUSTON: Oil prices fell about 1% on Wednesday, after data showed US crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point.

Brent crude futures closed down 72 cents, or 0.9%, at US$82.92 a barrel, while US West Texas Intermediate (WTI) crude settled at US$78.78, down 85 cents, or 1.1%.