U.S. crude futures accelerated losses, tumbling below $65 a barrel for the first time since late August, after Federal Reserve Chair Jerome Powell said the strong U.S. economy may warrant ending the central bank’s asset purchases sooner than planned next year. West Texas Intermediate crude futures fell as much as 7.9% on Tuesday after the comments, while the global benchmark Brent also declined as part of a broader market retreat. During a Senate Banking Committee hearing in Washington, Powell said it is appropriate to discuss wrapping up its purchases at its next meeting. Meanwhile, investors are also assessing warnings that the new omicron variant could withstand existing inoculations, potentially affecting OPEC+ to decide to shift its output policy when it meets later this week. “It’s an effort to diminish economic activity, which strikes right at the heart of the demand outlook,” said John Kilduff, founding partner at Again Capital […]