Oil prices fall on global markets

Oil prices extended losses on Wednesday as concerns over supply disruptions in the Strait of Hormuz continued to ease.

Brent crude futures fell by more than 1% to trade near $76 a barrel, while U.S. West Texas Intermediate crude remained below $73 a barrel.

The market came under pressure from expectations of smoother shipping flows through the Strait of Hormuz and easing geopolitical tensions in the Middle East. 

Analysts said expectations of higher oil supply and concerns over slowing global economic growth also weighed on prices. 

N.Tebrizli