Oil prices continue drop by 5%
Oil prices extended losses on Wednesday after plunging 5% in the previous session, as investors fretted about the health of the US economy ahead of an expected Federal Reserve interest rate hike later in the day.
Brent futures fell $1.07, or 1.4%, to $74.25 a barrel by 0818 GMT, while West Texas Intermediate crude (WTI) fell $1.15, or 1.6%, to $70.51.
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.
The United States Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.
More hikes could slow economic growth and hit energy demand.