Oil prices extended losses on Wednesday, after slumping to a five-week low in the previous session, while investors await more decisions to raise interest rates this week.

On Tuesday, oil prices fell about five percent, due to economic fears of the US defaulting on its debts.

Brent crude futures fell 13 cents, or 0.2%, to $75.19 a barrel, while West Texas Intermediate (WTI) crude fell 13 cents, or 0.2%, to $71.53.

Source: Qatar News Agency