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.

Israel´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.