Oil extends losses on rate hike fears

Oil prices fell on Wednesday as fears that more aggressive US interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in crude stocks.

Brent crude futures were down 0.9%, to $82.55 per barrel in early trade. WTI crude futures slipped 1.3% to $76.59 a barrel. “Oil prices are still seeing downward pressure due to the hawkish comments coming out of the Fed indicating higher interest rates,” said Andrew Lipow of consultants Lipow Oil Associates.