Oil and stocks fall in tandem

Oil prices fell about 3% yesterday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

Brent crude fell $1.53 to $55.71 a barrel, a 2.7% loss, while the American benchmark — US West Texas Intermediate (WTI) crude fell $1.55 to $46.62 a barrel, a 3.2% loss.