Oil prices drop alongside other commodities as Fed Chair Powell opens the door to even higher US interest rates

Oil prices drop alongside other commodities as Fed Chair Powell opens the door to even higher US interest rates

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REUTERS/Jim Urquhart Commodity prices slumped Tuesday as Fed Chair Powell indicated further rate hikes are coming. The US Dollar index hit a two-month high, pressuring dollar-denominated commodity prices. Oil lost more than 3%, silver slid nearly 5% and gold gave up ground. Commodity prices…

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