Crude oil futures ended lower, extending losses from the previous session, as fears that more aggressive U.S. interest rate hikes would pressure economic growth. Oil price fell despite data showing a drop in U.S. crude inventories last week. Data released by U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. fell for the first time last week after rising for 10 straight weeks. The EIA data showed crude inventories in U.S. dropped by 1.694 million barrels last week versus expectations for an increase of 0.395 million barrels.
Benchmark crude oil futures for April delivery fell $0.92 or 1.2 percent to $76.66 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $0.63 or 0.8 percent to $82.66 a barrel on London's Intercontinental Exchange.