Oil prices sank today along with other financial markets in a risk-off session led by rate hike fears as the Chairman of the Fed testified today before Congress. Jerome Powell’s words today strengthened the dollar and sent prices tumbling as he indicated more rate hikes than expected especially in light of recent strong economic data. “Those comments are ripping through the market, which has taken on a risk-off sentiment,” said John Kilduff, a partner at Again Capital LLC in NYC. More pressure came from a contraction in China’s exports and imports in the last two months despite lifted Covid restrictions. WTI traded down $2.88 or -3.6% to close at $77.58. Brent traded down $2.89 or -3.4% to close at $83.29.