Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows cancelled out demand recovery expectations from China.
March Brent crude futures fell 5 cents to $84.85 per barrel by 0415 GMT, while the more heavily traded April contracts fell by 32 cents or 0.38 per cent to $84.18 a barrel.
US West Texas Intermediate (WTI) crude futures slipped 33 cents, or 0.42 per cent, to $77.57 a barrel.
“Oil markets are facing downside pressure as risk-off trades prevail ahead of the Fed meeting, along with a strengthened USD,” said CMC Markets analyst Tina Teng.
