FX.co ★ Oil Futures Settle Lower For 3rd Straight Day

Crude oil prices drifted lower on Thursday, extending losses to a third straight day, amid concerns that aggressive policy tightening by the Federal Reserve could slow global economic growth and result in a drop in energy demand.

Growth worries weighed on prices after Fed Chair Jerome Powell once again signaled bigger interest-rate hikes, saying the U.S. central bank was wrong in initially thinking inflation was only the result of "transitory" factors.

West Texas Intermediate Crude oil futures for April ended lower by $0.94 or about 1.2% at $75.72 a barrel, after having climbed to 78.06 a barrel earlier in the day.

Brent crude futures were down $1.07 or 1.28% at $81.59 a barrel a little while ago.

Friday's jobs data and inflation figures due next week could provide additional clues on the U.S. rate outlook.

Meanwhile, weaker-than-expected data from China also pointed to a sluggish economic recovery in the country.