Oil prices dropped over $5 a barrel due to concerns about higher interest rates impacting economic growth. This unexpected decline came after prices had recently approached $100 a barrel. Higher interest rates could negatively impact oil demand and trim growth prospects in the short term. The US Energy Information Administration reported an increase in petrol stocks and a decrease in crude stocks. Energy stocks, including ConocoPhillips, ExxonMobil, and Chevron, had a poor performance in the S&P 500 stock index, with all three companies experiencing significant drops.
