Oil prices extended losses in evening trade as traders digest the latest U.S. inventory data and a report that President Trump is likely to fire Fed Chair Jerome Powell.

President Trump denied he was on the verge of firing Fed chair Jerome Powell, despite multiple news reports Wednesday suggesting he'd told congressional Republicans he was close to doing so. Why it matters: Trump has the market on a knife's edge,

All three major stocks indexes slid, while bonds sold off after reports that President Trump is likely to fire Federal Reserve Chair Jerome Powell soon. The S&P 500 was down 0.6%, the Dow was down 0.5%,