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Oil Extends Decline for Fourth Session on Hawkish Fed Outlook
Oil extended losses after closing at the lowest level in three months on Wednesday on signs the Federal Reserve may hold interest rates higher for longer, which could weigh on energy demand. Brent fell for a fourth session toward $81 a barrel and West Texas Intermediate slid close to $77. Fed minutes from a meeting earlier this month indicated a hawkish stance from officials. That adds another bearish element to an oil market showing signs of weakness ahead of an OPEC+ gathering. Oil is still higher this year in part due to supply cuts from the producer group, although prices have eased since mid-April. US crude ... (full story)