dropping 1.4% to $95.04 per barrel, while Brent, the global benchmark, traded down 1.9% to $98.02 level. The Fed, as expected, raised its key short-term rate by 0.25 percentage points and signaled rates would hit 1.9% by year-end marking the start to a series of about six rate hikes this year. Policymakers also indicated the Russia Ukraine conflict is adding "economic hardship" and creating "additional upward pressure.
In stocks, Starbucks CEO Kevin Johnson is retiring and will be replaced on an interim basis by Howard Schultz, who helped grow the coffee giant into a global brand. He also dabbled in politics and considered a presidential run.
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