Oil slumps 3 percent, near lowest in a year as stock markets sink | Reuters

Oil slumps 3 percent, near lowest in a year as stock markets sink | Reuters:

Oil prices fell about 3 percent on Thursday, heading back towards their lowest levels for more than a year on worries about oversupply and the outlook for energy demand as stock markets tumbled following a U.S. interest rate rise.

Stock markets dropped worldwide after the U.S. Federal Reserve raised rates and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook. [MKTS/GLOB]

U.S. light crude oil CLc1 fell $1.61 a barrel, or 3.3 percent, to a low of $46.56 and was trading around $46.70 by 0845 GMT. North Sea Brent LCOc1 was down $1.60, or 2.8 percent, at $55.64 a barrel.