Oil extends loses by 5%, falls below $73 a barrel; Brent futures dips 3%

Oil prices extended losses on Wednesday after plunging 5 per cent 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 $2.72, or 3.6 per cent, to $72.60 a barrel by 7.25 PM India time, while West Texas Intermediate crude (WTI) fell $2.77, or 3.8 per cent, to $68.69.

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.