SEOUL: Oil briefly fell below US$55 a barrel in London for the first time in a year as an US Federal Reserve interest-rate hike stoked demand fears just as markets contend with excess supply.
Brent futures slid as much as 4.5% to the lowest since September 2017. Traders are avoiding risk assets as chairman Jerome Powell failed to quell concerns the Fed’s policy will choke global growth, which also drove down equities.
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