2024.01.0308:56:00UTC+00Oil Extends Declines Ahead Of Inventory Data

Oil prices fell further on Wednesday, after having declined over 1.5 percent in the previous session amid the broader pressure seen on risk assets.

Benchmark Brent crude futures traded 0.6 percent lower at $75.47 a barrel, while WTI crude futures were down 0.7 percent at $69.92.

Risk-off mood prevailed in financial markets as doubts emerged over just when the Fed plan to begin trimming rates in 2024.

The dollar clung to previous day's gains, further weighing on prices ahead of the release of crucial weekly inventories data from the U.S., the world's largest consumer.

U.S. crude stockpiles from the American Petroleum Institute industry group will be out later on Wednesday, a day later than usual due to Monday's New Year's holiday. The EIA report is due on Thursday.