Oil prices tumble 6%, Brent ends below $114 bbl today

Oil prices slumped about 6% today, June 17 on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

The Federal Reserve is expected to raise interest rate by 75 basis points this week - the biggest hike since 1994 - compared to previous estimates of 50 basis points.

The likely move is due to the accelerated US inflation rate to 8.6% in May, the highest since 1981.

Brent for August delivery fell $6.69, or 5.6%, to settle at $113.12 a barrel, while US West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.