Oil prices extend slide to lowest level in over a year

Oil prices fell about 3% today, heading back towards their lowest levels for more than a year on worries about oversupply and the outlook for energy demand as stock markets tumbled following a U.S. interest rate rise.

WTI oil fell $1.61 a barrel (3.3%) to a low of $46.56 and was trading around $46.70 by 0845 GMT. Brent was down $1.60 (2.8%) at $55.64 a barrel, NDTV reported.

Stock markets dropped worldwide after the U.S. Federal Reserve raised rates and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.

Both major oil futures contracts rallied sharply on Wednesday but are now at or close to their lowest levels for over 14 months, more than 30% below multi-year highs reached at the beginning of October.