Oil prices fell again today extending last week’s losses as this week’s Federal Reserve meeting looms. “We’re seeing a ‘risk back off’ sentiment from the past two weeks’ rally on ideas that higher interest rates may slow demand more quickly,” said Dennis Kissler, senior vice president of trading at BOK Financial. A severe winter storm is expected to hit Texas over the next few days bringing snow and ice. This could impact drilling and pipeline operations and could be bullish for prices in the short term. A rise in Chinese oil demand has been mostly priced in at this point so now traders are taking a wait-and-see approach. WTI traded down $1.78 or -2.23% to close at $77.90. Brent traded down $1.76 or -2.03% to close at $84.90.