Oil prices slid more than three per cent as the dollar jumped after the US Federal Reserve's decision to hike US interest rates and after a jump in crude inventories at the biggest US storage centre renewed concerns about a glut. 
The dollar rose, making oil more expensive for countries using other currencies. 
Brent crude futures settled at $US53.90 per barrel, down $US1.82, or 3.27 per cent after falling as low as $53.80. 
US crude ended the session down $US1.94, or 3.66 per cent at $US51.04 per barrel after hitting a low of $US50.92.