Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and anticipation of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession.
Brent crude futures slid $1.08, or 1.3%, to $84.48 per barrel by 0729 GMT, while U.S. West Texas Intermediate (WTI) crude futures shed $1.14, or 1.4% to $77.93.
U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
