Oil prices slump as investors fear Fed rate hikes will hurt demand

Brent crude LCOc1 futures settled at $110.05 a barrel, falling$1.69, or 1.5%. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $104.27 a barrel, down $1.92, or 1.8%.

NEW YORK: Oil prices dropped by nearly US$2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes wouldslow economic growth.

Brent crude LCOc1 futures settled at $110.05 a barrel, falling$1.69, or 1.5%. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $104.27 a barrel, down $1.92, or 1.8%.