Oil Extends Losses On Fed Hawkishness

Oil prices fell over 1% on Wednesday after fears of more aggressive rate hikes by the U.S. Federal Reserve continued to compound, with losses extending. On Tuesday, Federal Reserve Chairman Jerome Powell said the Fed would most likely find it necessary to raise interest more than expected to control inflation as a result of strong U.S. economic data. Fed funds futures traders interviewed by Reuters now see a 66% probability that the Fed will raise interest rates by 50 basis points at the next meeting on March 21-22. Prior to Powell’s Tuesday…