Brent and WTI are down more than 5% this week on US rate hike fears
A gas flare burns at an oil refinery in Russia. Picture: BLOOMBERG
Brent dipped 48c, or 0.6, to $81.11 a barrel by 4.34am GMT. US West Texas Intermediate crude was down 60c, or 0.8%, at $75.12 a barrel. US Federal Reserve chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was “transitory” and was surprised by the strength of the labour market.
“All eyes are on US data due later today, the most important guide before the Fed unleashes a rate hike,” Haitong analysts said.
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