Crude oil tumbles the after Fed hikes

West Texas Intermediate crude oil has come under significant pressure after the Federal Open Market Committee announced a 25 basis point hike to the fed funds rate.

Heavy selling has the energy component down about 3.6% near $51.10 barrel, a four-day low. Earlier in the session, WTI hit a high of $52.78 after Department of Energy data showed crude oil inventories fell by 2.6 million barrels last week, greater than the 1.6 million drop that economists had forecast.

WTI topped out at $54.24 per barrel on Monday after OPEC and non-OPEC producers agreed to a production cut over this past weekend.

Elsewhere, Brent crude oil, the international benchmark is down 3.1% at $54.00 per barrel.

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