6/17, 4:58 PM (Source: TeleTrader)
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Oil extends losses, WTI down 5.4%

The prices of oil futures extended losses on Friday as the latest hike in federal funds rates by the Federal Reserve Bank sparked concerns over a possible recession and further economic slowdown.

Due to such predictions, worries over the demand side are rising among investors.

West Texas Intermediate (WTI) for deliveries in July nosedived 5.43% at 10:48 am ET to go for $111.20 per barrel. A minute later, Brent for settlements in August plummeted 4.57% to sell for $114.31.

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