Following a regular policy meeting, Fed Chairman Jerome Powell said officials would begin talks on tapering massive asset purchases, while pencilling in two rate hikes by the end of 2023. A rise in the dollar reduces the appeal of commodities priced in the currency.
Oil fell below US$72 a barrel after the Federal Reserve tilted toward tightening monetary policy, aiding the dollar and offsetting signs that the crude market is tightening.
West Texas Intermediate lost 0.9% in early Asian trading after ending Wednesday almost unchanged.
