Crude oil futures ended deeply in red on Wednesday as investors became more concerned that recent economic data will mean more aggressive interest rate increases by central banks. Minutes from the latest U.S. Federal Reserve meeting showed a majority of Fed officials agreed that the risks of high inflation remained a key factor shaping monetary policy and warranted continued rate hikes until it was controlled. Besides, the U.S. dollar Index gained for a second straight session, making greenback-denominated oil more expensive for holders of other currencies.
Benchmark crude oil futures for April delivery fell $2.41 or 3.1 percent to $73.95 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $2.45 or 3 percent at $80.60 a barrel on London's Intercontinental Exchange.