Oil prices fall from 7-year high after US Fed flags interest rate hike

Oil prices declined from a seven-year high on Thursday following signs that the US Federal Reserve will tighten monetary policy by raising interest rates as soon as in March this year.

Brent crude futures were down 0.69% to $89.34 a barrel at 9 am Makkah time.

US West Texas Intermediate (WTI) crude futures slipped 0.76% to $86.69.

Crude prices surged on Wednesday, with Brent climbing to $90 a barrel for the first time in seven years, amid the tensions between Ukraine and Russia.

Meanwhile, OPEC+ will probably stick with a planned increase in its oil output target for March, Reuters reported, citing sources.