Oil prices extends losses after IEA slashes demand forecast

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.