Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.

Pain at the pump: Oil prices plummet 4% after Fed rate hike

The Federal Reserve raised interest rates by three-quarters of a percentage point again on Wednesday and said its battle against inflation will require borrowing costs to rise further, yet signaled it may be nearing an inflection point in what has become the swiftest tightening of U.S. monetary policy in 40 years.

WION Business News | US Fed hikes interest rates by 0.75%

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Pain at the pump: Oil prices plummet 4% after Fed rate hike

WION Business News | US Fed hikes interest rates by 0.75%