Oil prices fluctuate amidst economic uncertainty and inventory data.

Oil prices fell by 2% after the US Federal Reserve Chair, Jerome Powell, announced that further interest rate hikes are coming in the second half of the year. The US benchmark, WTI Crude, was trading at $71.12, down by 1.92% on the day, while the international benchmark, Brent Crude, was falling by 1.84% and traded at $75.67. The Bank of England also surprised markets with a large 50-basis-point interest rate hike, the 13th consecutive increase, after inflation data from Wednesday showed the UK’s May inflation was stuck at an annual 8.7%, flat compared to April and higher than expectations.