Oil extended its longest run of losses this year after the Federal Reserve's minutes showed officials back further rate hikes, adding to concerns that a US economic slowdown will reduce demand.
Oil dropped after the Federal Reserve raised interest rates, signaling the market fears the cascading effects of economic slowdown more than potential supply disruptions from Russia's escalating war.
Oil slumped to the lowest price since the war in the Middle East began as Israel faces growing pressure to limit its bombardments to help hostage negotiations, keeping the conflict limited entering its fourth week.
Oil dropped after struggling for direction in a low-volume session as OPEC+ tries to resolve a disagreement over output quotas that forced the group to postpone a pivotal meeting.
Oil fell alongside broader markets as Federal Reserve Chair Jerome Powell said interest rates will rise more than earlier expected, overshadowing concerns of tightening fuel supplies.