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Oil prices fell sharply on Thursday to extend losses from the previous session on fears that higher interest rates could potentially impact crude demand adversely.
Benchmark Brent crude futures dropped 0.9 percent to $92.73 a barrel, while WTI crude futures were down 0.8 percent at $88.91.
A stronger dollar weighed on oil prices after the U.S. Federal Reserve warned that interest rates will stay higher for longer to combat stubborn inflation.
Also, the Fed's hawkish tone on inflation and interest rates indicated that the U.S. central bank may not cut interest rates next year by as much as it was earlier thought.
Elsewhere, the Swiss National Bank held rates unchanged earlier today, but warned that more increases may still be needed.
Sweden's Riksbank has raised borrowing costs by a quarter point and said it might need to do more to bring inflation back to its 2 percent target.
Norway's central bank raised its benchmark interest rate by 25 basis points and indicated another rate hike in December to curb inflation.
The Bank of England will announce its rate decision later today, with most economists expecting the central bank to deliver another 25- bps hike, lifting interest rate to 5.50 percent.
