Oil Holds Soft Tone on Oversupply Worries Ahead of Fed Meeting

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu Province, China, on June 11, 2019. Stringer/Reuters

BEIJING—Oil prices extended losses on Wednesday, after falling by more than 3 percent to six-month lows on oversupply and demand concerns.

Brent crude futures for February fell 33 cents, or 0.45 percent, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42 percent, to $68.32 a barrel.