Oil prices extend losses ahead of expected interest rate hikes

Oil extended losses on Wednesday after plunging 5% in the previous session, as investors priced in expectations for interest rate hikes in the U.S. and Europe and waited for clarity on future policy path.

Brent futures dipped 12 cents, or 0.2%, to $75.20 a barrel by 06:05 GMT, while WTI fell 17 cents, also 0.2%, to $71.49.

Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage declines since early January.

The U.S. Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.