Oil futures slid on Wednesday, extending losses from the previous day, as a stronger U.S. dollar prompted fresh selling while data showing a build in U.S. crude stocks and Shanghai's extended lockdown fuelled fears of slower demand.
Brent crude futures fell 97 cents, or 0.9%, to $105.67 a barrel, while U.S. West Texas Intermediate futures were down 98 cents, or 1.0%, to $100.98 a barrel at 0029 GMT. Brent fell 0.8% on Tuesday and WTI lost 1.3%.
The U.S. dollar hit its highest in nearly two years on Tuesday, boosted by hawkish comments from Federal Reserve officials who pushed for a quick reduction in the central bank's bloated balance sheet. A stronger dollar makes oil more expensive for holders of other currencies.U.S. crude and distillate stocks rose last week while gasoline inventories dipped, according to market sources citing American Petroleum Institute figures on Tuesday.
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