Oil prices tumble to lowest in more than a year as equities sell off | Reuters

Oil prices tumble to lowest in more than a year as equities sell off | Reuters:

Oil prices fell about 5 percent on Thursday, hitting their lowest level in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.

Brent crude LCOc1 futures fell $2.89, or 5.05 percent, to settle at $54.35 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $2.29, or 4.75 percent, to settle at $45.88 a barrel.

Brent hit a session low of $54.28 a barrel, its lowest price since mid-September 2017, while WTI sank to $45.67, its lowest price since late August 2017.