Oil Prices Move Sharply Lower, Extending Losing Streak

(RTTNews) - Crude oil prices moved sharply lower during trading on Wednesday, extending their losing streak to six consecutive sessions.

In its first day as the front month contract, crude for April delivery plunged $2.41 or 3.1 percent to $73.95 a barrel after slipping $0.19 or 0.3 percent to $76.29 a barrel on Tuesday.

Concerns about the outlook for global demand continued to weigh on oil prices amid worries about the impact of additional interest rate increases.

While the global economy has held up relatively well in light of recent rate hikes, traders remain concerned about an eventual recession that will sap demand for oil.

Late in the trading day, the minutes of the latest Federal Reserve meeting revealed a "few participants" favored raising rates by 50 basis points compared to the 25 basis point rate hike that was ultimately announced.

The minutes also noted all participants continued to anticipate that ongoing rate increases would be appropriate to achieve the Fed's dual goals of maximum employment and inflation at the rate of 2 percent over the longer run.

Looking ahead, trading on Thursday may be impacted by reaction to the Energy Information Administration's report on oil inventories in the week ended February 17th.

Crude oil inventories are expected to increase by 1.2 million barrels after surging by 16.3 million barrels in the previous week.