London May 3 2023: Oil prices extended losses on Wednesday after plunging 5% in the previous session, as investors fretted about the health of the U.S. economy ahead of an expected Federal Reserve interest rate hike later in the day.
Brent futures fell $1.99, or 2.6%, to $73.33 a barrel by 1225 GMT, while West Texas Intermediate crude (WTI) fell $2.03, or 2.8%, to $69.63.
Both benchmarks closed at their lowest since late March in the previous session, when they also recorded their biggest one-day percentage declines since early January.
Source:
Reuters
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