LONDON: Oil prices fell on Thursday, extending losses from the previous session, as signals of higher supply from the US met worries about lackluster energy demand from China, according to Reuters.
Brent futures were down 48 cents at $80.70 a barrel at 9:30 a.m. Saudi time. US West Texas Intermediate crude shed 53 cents to $76.13 a barrel.
Both benchmarks fell more than 1.5 percent in the prior session. WTI’s front-month contract also traded below the price for the second month, a structure known as contango, suggesting that investors expect prices to increase.