The prices of crude oil extended losses late on Monday amid growing concerns the Federal Reserve's coming rate hike will cause business activity to slow down in the world's largest economy. The November inflation data is expected on December 13, one day before the Fed's monetary policy decision announcement.
The negative sentiment was further pushed by Fitch Ratings lowering its global economic growth outlook for 2023 and confirming leading western economies will likely enter a recession. Investors also focused on the implications of the West's decision to impose a price cap on Russian oil that went into effect earlier today.
WTI futures for settlements in January tumbled by 3.39% to $77.42 per barrel at 3:10 pm ET, while Brent for deliveries in February sank 2.99% to $83.10 per barrel. Oil prices returned to levels seen about a week ago following the latest updates.
