Oil prices extends losses

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Detailed analysis of oil prices, 1970-2004 (Photo credit: Wikipedia)

#GNN - #SINGAPORE: #Oil prices extended losses in #Asia Wednesday after the #International Energy Agency slashed its demand outlook for 2014 and 2015, while reporting a glut in global supplies despite conflicts in Iraq and Ukraine.

US benchmark West Texas Intermediate for September fell 19 cents to $97.18 in mid-morning Asian trade, after declining 71 cents in New York.

Brent crude for September delivery was down 24 cents at $102.78. It fell $1.66 to finish at $103.02 in London on Tuesday, its lowest closing point since July 1, 2013.

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