9/26, 9:12 AM (Source: TeleTrader)
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Oil down 1% on Fed rate policy uncertainty

Prices of oil futures declined by more than 1% on Tuesday after Federal Reserve Bank of Minneapolis President Neel Kashkari said yesterday that he expects another interest rate hike if the United States economy continues to show more strength.

Kashkari also noted that rates would be then "held higher for longer to cool things off," apparently adding to market concerns about the future demand in the globe's biggest economy.

For settlements in November, West Texas Intermediate (WTI) decreased by 1% to $88.76 per barrel and Brent declined 0.99% to $92.35 per barrel at 3:10 am ET.

Baha Breaking News (BBN) / MS