Oil prices extend losses over high rate concerns

04:52

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Global Economy & Markets

Oil prices extend losses over high rate concerns

Oil prices fell for a fourth straight session on Tuesday as strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer. US benchmark West Texas Intermediate traded near 88 dollars a barrel,, after declining by 2.2 percent in the previous session. WTI has now dropped around 6 percent since last Wednesday close,, on fears over the global economy. Meanwhile, global benchmark Brent is hovering around the 90-dollar mark. Analysts also noted that a key oil pipeline between Iraq and Turkiye-- which is ready for operations this week-- could result in additional oil flows and ease global supply tightness.