Oil falls below $72 a barrel following Fed's tilt towards tightening policy

Oil fell after the Federal Reserve tilted toward tightening policy, aiding the dollar and offsetting signs of a stronger crude market.
 

West Texas Intermediate lost 0.8% in early Asian trading after ending Wednesday almost unchanged. Following a regular policy meeting, Fed Chairman Jerome Powell said officials would begin talks on tapering massive asset purchases, while penciling in two rate hikes by the end of 2023. A rise in the dollar reduces the appeal of commodities priced in the currency.

Still, the oil market continues to display signs of strength as the pandemic ebbs. A U.S. government report showed