Oil prices sank again today, falling almost 4% as a bigger then expected Bank of England rate hike worried markets. Fed Chair Jerome Powell said that two more rate hikes of 25bps in the US before the end of the year was “a pretty good guess”. “We’re locked in a trading range but prices are held back by the concerns about the economy, the larger economy,” said Phil Flynn, an analyst at Price Futures Group. Crude oil inventories fell by 3.8MM/bbls, vs a forecasted rise of 300K/bbls. Gasoline inventories rose by 480K/bbls, versus a 100K/bbl forecasted rise. Distillate stocks rose by 430K/bbls, better than the expected rise of 700K/bbls. WTI traded down $3.02 or 4.2% to close at $69.51. Brent traded down $2.98 or -3.9% to close at $74.14.