On Thursday, WTI crude futures plummeted below $68 per barrel, bringing this week’s losses to more than 11%. The sharp decline in oil prices followed the US Federal Reserve's decision to raise interest rates once again, citing concerns about rising inflation. The move has further fueled concerns about a global economic slowdown and weaker energy demand.

The US Federal Reserve's decision to raise interest rates was not entirely unexpected, as the central bank has been signaling its intention to do so for some time. However, the timing of the move has caught many investors off guard, given the backdrop of escalating trade tensions between the US and China, and ongoing concerns about slowing global growth.

The Fed's decision to raise interest rates is also significant for the oil market, as it has the potential to weigh on demand by increasing the cost of borrowing for both consumers and businesses. This, in turn, could lead to weaker economic growth and a decline in energy demand.

The current state of the oil market reflects these fears. The steep decline in oil prices this week has wiped out much of the gains that were made earlier this year, when prices reached their highest level in four years. The outlook for oil prices remains uncertain, with many analysts predicting that prices will continue to fall in the short-term.

The drop in oil prices is also having an impact on energy stocks, with many major oil companies seeing their share prices decline sharply in recent days. Investors are increasingly concerned about the impact that lower oil prices could have on earnings and dividends, leading to a sell-off in energy stocks across the board.

Overall, the combination of rising interest rates, escalating trade tensions, and concerns about global economic growth have created a challenging environment for the oil market. With the outlook for oil prices remaining uncertain, investors will need to remain vigilant in the weeks and months ahead.