Oil prices slide

AFP, SINGAPORE: Oil prices extended losses in Asia yesterday as dealers worried about China’s economy following its surprise currency devaluation, while oversupply concerns also added to downward pressure, analysts said.
US benchmark West Texas Intermediate (WTI) for September delivery fell nine cents to $42.99 while Brent crude for September slipped 26 cents to $48.92 in afternoon trade.
WTI on Tuesday sank to its lowest close since March 2009, while Brent also fell in London, fter China’s central bank moved to devalue its currencyby nearly two per cent against the US dollar.

Oil prices slide

AFP, SINGAPORE: Oil prices extended losses in Asia yesterday as dealers worried about Chinas economy following its surprise currency devaluation, while oversupply concerns also added to downward pressure, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery fell nine cents to $42.99 while Brent crude for September slipped 26 cents to $48.92 in afternoon trade. WTI on Tuesday sank to its lowest close since March 2009, while Brent also fell in London, fter Chinas central bank moved to devalue its currencyby nearly two per cent against the US dollar.