WTI, Brent Prices Downslide

WTI, Brent Prices Downslide
WTI, Brent Prices Downslide

Oil prices fell for a third trading session on Wednesday on expectations the US Federal Reserve will indicate later in the day that interest rates are set to rise more, stoking concerns of lower global economic growth and demand for fuel.
Brent crude futures for April delivery fell 30 cents to $82.75 a barrel after recording a 1.2% decline on Tuesday. WTI crude futures for April dropped by 38 cents to $75.98 a barrel, reported.
The March WTI contract expired on Tuesday down 18 cents.
The US Fed will release the minutes of its latest meeting on Wednesday, which will give traders a glimpse of how high officials are projecting interest rates will go after recent data showed stronger-than-expected US employment and consumer prices.
Higher interest rates tend to lift the dollar, making dollar-denominated oil more expensive for holders of other currencies.
Other economic reports from the US, the world's biggest oil consumer, showed some troubling signs, however. Sales of existing homes fell in January to their lowest since October 2010, the 12th monthly drop, which is the longest streak since 1999. 
"Growing recessionary concerns are keeping a lid on oil prices, but the market is cautiously optimistic on China’s demand recovery, especially in gasoline and jet fuel," said Vortexa's head of APAC analysis, Serena Huang.

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