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RIYADH: Oil losses prolonged on Wednesday after plunging 5 % within the earlier session as traders priced in expectations for rate of interest hikes within the US and Europe and waited for readability on future coverage developments.
Brent futures dipped $1.12, or 1.49 %, to $74.20 a barrel at 11:35 a.m. Saudi time, whereas West Texas Intermediate crude fell $1.18, additionally 1.65 %, to $70.48.
Each benchmarks closed on Tuesday at their lowest ranges since March 24, when in addition they recorded their greatest one-day proportion declines since early January.
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