Oil prices tumble more than $4 ahead of potential large U.S. rate hike

Oil prices have tumbled in the past two weeks on recession concerns despite a drop in crude and refined products exports from Russia amid Western sanctions and supply disruption in Libya."Clearly, focus is now on the demand side of the oil equation. Yesterday's weekly EIA (U.S. Energy Information Administration) report showed sizeable builds in product inventories," Tamas Varga, analyst at PVM Oil Associates, said.

Oil prices tumble more than $4 ahead of potential large U.S. rate hike
Oil prices have tumbled in the past two weeks on recession concerns despite a drop in crude and refined products exports from Russia amid Western sanctions and supply disruption in Libya."Clearly, focus is now on the demand side of the oil equation. Yesterday's weekly EIA (U.S. Energy Information Administration) report showed sizeable builds in product inventories," Tamas Varga, analyst at PVM Oil Associates, said.