World oil prices extended losses in Asia on Wednesday as economic concerns continued to haunt world’s largest oil consumer, the US.
WTI crud for September delivery was seen trading at $93.51 a barrel at 12.30 p.m Singapore time while Brent crude was at $116.28 a barrel in London.
The European benchmark contract was at a premium of $22.69 to U.S. futures, compared with a record close of $22.67 Tuesday.
Analysts said oil demand in the US remained weak as indicated by the economic data that showed country’s economic recovery might take more time to realise.
Data released Monday put U.S. manufacturing at a near standstill in July, growing, but very slowly. On Tuesday, the Commerce Department said consumer spending fell 0.2 percent in July, the largest drop in nearly two years.
Meanwhile, data from the American Petroleum Institute showed US crude stockpiles declined 3.31 million barrels last week to 354.9 million.US Energy Department will release its weekly report later Wednesday.
On Tuesday, US crude for September delivery on the New York Mercantile Exchange dropped to $93.79 a barrel while London’s Brent crude for September shed 35 cents to $116.46.
