Oil holds soft tone on oversupply worries ahead of Fed meeting

Bejing, Dec. 13 (BNA):  Oil prices extended losses on Wednesday, after falling by more than 3% to six-month lows on oversupply and demand concerns.

 

Brent crude futures for February fell 33 cents, or 0.45%, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42%, to $68.32 a barrel, Reuters reported.

 

The market stumbled in overnight trade as firmer-than-expected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption.

  

 

 

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