Oil prices extended losses on Wednesday, after slumping about 5 per cent to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand.
Brent futures fell 13 cents, or 0.2 per cent, to $75.19 a barrel by 0015 GMT, while West Texas Intermediate crude (WTI) also fell 13 cents, or 0.2 per cent, to $71.53.
Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage declines since early January.
The US 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.
