Oil prices fall on prospect of more Fed hikes, rise of oil inventory

NEW YORK, June 14 (Xinhua) -- Crude oil futures prices dropped on Wednesday due to the prospect of more interest rate hikes by the Federal Reserve within 2023 and week-on-week increase of U.S. petroleum inventories last week.

The West Texas Intermediate (WTI) for July delivery decreased 1.15 U.S. dollars, or 1.66 percent, to settle at 68.27 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude f