
Oil slumps as interest rate hikes outweigh lower U.S. oil supplies
CNBC Oil futures fell on Thursday, after trader concerns over the impact of a bigger-than-expected Bank of England rate hike outweighed a surprise draw in U.S. oil supplies. Brent futures were down $2.65, or 3.4%, to $74.47 a barrel and U.S. West Texas Intermediate (WTI) crude futures were down $2.69, or 3.7%, at $69.84. The benchmarks erased gains from the