New York March 7 2023: Oil prices fell by more than $1 a barrel on Tuesday after five days of gains, as comments from U.S. Federal Reserve Chair Jerome Powell stoked rate hike fears, the dollar strengthened and top crude importer China issued weak data.
Brent crude futures shed $2.33, or 2.7%, to $83.85 a barrel by 12:49 p.m. EST (1749 GMT). U.S. West Texas Intermediate crude dropped by $2.51 a barrel, or 3.12%, at $77.95, as per Reuters Data.
Prices declined after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data.
