BEIJING, Dec 13 Reuters Oil prices extended losses on Wednesday, after falling by more than 3 to sixmonth lows on oversupply and demand concerns.

Brent crude futures for February fell 33 cents, or 0.45, to 72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42, to 68.32 a barrel.

The market stumbled in overnight trade as firmerthanexpected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption.

Meanwhile, weekly average Russian crude exports jumped to the highest since July, ANZ analysts said, compounding oversupply concerns and throwing doubt on the recent output cut agreement by the Organization of the Petroleum Exporting Countries and allies OPEC.

The U.S. Energy Information Administration raised its forecast for supply in 2023 by 300,000 barrels per day from its previous report to 12.93 million barrels per day.

The bearish outlook puts oil on track to decline for an eighth straight week.

A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets, said Tina Teng, a market analyst with CMC Markets. A more hawkishthanexpected stance by the Fed may cause a further drop in crude prices, Teng said.

The Fed is widely expected to keep rates on hold. However, investors will focus on officials39; views on the economy and interest rates in the coming…