| GEO Business|
| Oil prices dip in Asian trade|
| Updated at: 0927 PST, Monday, July 06, 2009|
SINGAPORE: Oil prices extended their losses in Asian trade Monday after the latest unemployment report in the United States showed that a recovery in the world's biggest economy is unlikely to come soon.
In morning trade, New York's main contract, light sweet crude for August delivery, was down 1.89 dollars to 64.84 dollars a barrel.
Brent North Sea crude for delivery in August dropped 1.01 dollars to 64.60. Both contracts were down from their highest level this year of more than 73 dollars a barrel reached last Tuesday.
Oil prices are currently down about 56 percent from historic peaks of more than 147 dollars a barrel reached in July last year after the global economic and financial crisis dampened energy demand.