Oil Prices Tumble

Oil prices tumbled about 5% to a three-week low today, led by a slump in U.S. gasoline futures, as investors worried interest rate hikes from major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest since December 2002 against a basket of currencies.

A stronger dollar makes oil more expensive for buyers using other currencies.

Brent futures fell $5.85 to $113.96 a barrel.

U.S. West Texas Intermediate crude fell $6.66 to $110.93.

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Edited by Jesus Chan

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