European markets were set to open lower Friday after four sessions of losses.
, called WTI for short, dropped $3.41, which equates to 4.7%, to sit at $69.12 per barrel.
The English bank's hike was top of mind on Thursday, despite news of U.S. supply falling, which surprised analysts.Federal Reserve Chairman Jerome Powell faced multiple questions Thursday about where interest rates are heading, but he said the focus instead should be on how quickly the Fed is moving.
Policymakers, he insisted, are still committed to using rates to bringing down inflation, but are going to move more slowly than they had been during an aggressive run of hikes going back to March 2022. "I think the data will tell us what to do," Powell told members of the Senate Banking Committee. "I think the point of our ... last meeting was really to moderate the pace of our decision making on this, because you know, it was very important to move quickly last year, and we did. It's not so important now."
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