The US Federal Reserve raised its benchmark overnight interest rate by a quarter of a percentage point to the 5%-5.25% range, but in doing so dropped from its policy statement language saying that it "anticipates" further rate increases would be needed.
Oil prices have plunged over 8 per cent this week on concerns of the US economy and signs of weak manufacturing growth in leading oil importer China, while also sliding further after the US Federal Reserve raised interest rates on May 3.