Oil prices for future contracts declined on Thursday, extending the downward movement that marked the start of the week on the back of increased demand concerns.
Economic uncertainty seemingly dragged the demand for crude lower following the decision by the Federal Reserve to raise its interest rates to the highest level since 2007. It appears that the already-expected move by the American policymakers fueled up fears that the world's largest economy could run into a recession, with the recent jitters in the country's banking sector further rattling up the global markets.
West Texas Intermediate (WTI) for June deliveries dropped 1.46% to sell at $67.56 per barrel at 10:37 am ET. Brent for July settlements slid 0.95% to $71.60 per barrel at the same time.