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Oil extends losses
REUTERS – Oil prices fell 4% on Wednesday, extending steep losses from the previous session, as investors fretted about the health of the U.S. economy ahead of an expected Federal Reserve interest rate hike later in the day.
Brent futures fell $3.04, or 4%, to $72.28 a barrel by 10:54 a.m. EDT (1454 GMT). The global benchmark hit a session low of $72.21 a barrel, its lowest since March 20.
U.S. West Texas Intermediate crude (WTI) fell $3.04, or 4.2%, to $68.62. WTI dropped to a session low of $68.54 a barrel, lowest since March 24.