Oil extends losses in Asian trade

By
AFP
|
Oil extends losses in Asian trade
SINGAPORE: Oil extended losses in Asia Wednesday as a stronger US currency discouraged buying in the dollar-priced commodity and concerns over the geopolitical fallout from the downing of flight MH17 in Ukraine eased.

IsraelĀ“s operation against Hamas militants in Gaza continued to cause tensions, however, as UN chief Ban Ki-moon urged an end to the conflict which has entered its 16th day.

US benchmark West Texas Intermediate (WTI) for September delivery was down 34 cents to $102.05 a barrel in late-morning trade on its first day of trading. Brent crude for September declined 10 cents at $107.23.