SINGAPORE (Commodity Online) : Global oil prices extended losses in Asian trade Thursday mainly on economic concerns in the US while rising inventories also hit the black gold.
Light sweet crude for September delivery was seen trading at $76.41 a barrel at 11.30 a.m Singapore time. London’s ICE Brent was seen trading at $75.29 a barrel.
Equity markets across Asia dropped while Japanese currency rose ahead of European bank stress tests.
Analysts said the black gold suffered on comments by Fed Chairman Ben Bernanke in which he said economic recovery in the US has lost some of its pace in the process.
On Wednesday, US Department of Energy said American crude oil reserves rising 400,000 barrels in the week ending July 16, indicating weaker demand in the key energy-consuming nation.
New York's main contract, light sweet crude for delivery in September, sank $1.02 to close at $76.56 a barrel while Brent crude for September settled at $75.37 a barrel.
The department also said gasoline inventories grew by 1.1 million barrels last week, well above the 700,000-barrel increase forecast by analysts.
Stocks of distillates, which include diesel and heating fuel, added 3.9 million barrels, more than double the expected gain of 1.6 million barrels.
