- Oil prices fell on Wednesday as fears of US interest rate hikes outweighed a larger-than-expected draw in US crude stocks.
- Brent crude futures were down 63 cents, or 0.8%, to $82.66 per barrel, while US West Texas Intermediate (WTI) crude futures slipped 92 cents, or 1.2%, to $76.66 a barrel.
- A stronger dollar also capped oil prices earlier in the session.
- US crude stocks fell 1.7 million barrels last week, government data showed.
- Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build.
Oil extends losses amid US rate-hike concerns
Oil prices fell on Wednesday as fears that more aggressive U.S. interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in U.S. crude stocks.
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