LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories.
Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to $79.22.
The U.S. Federal Reserve is likely to have one more interest rate rise in store, Atlanta Fed President Raphael Bostic said on Tuesday, as the central bank continues to battle inflation.
Markets are pricing in an 86 percent chance of the Fed raising rates by 25 basis points at its May policy meeting….