Oil prices extend losses in Asia

AFP, SINGAPORE: World oil prices extended losses in Asia yesterday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.
Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market.
But the upward momentum hit a snag after traders became increasingly sceptical about such a deal, and the latest news that manufacturing activity in China contracted at its fastest pace in more than three years in January dealt a further blow to sentiment.

Oil prices extend losses in Asia

AFP, SINGAPORE: World oil prices extended losses in Asia yesterday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen. Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market. But the upward momentum hit a snag after traders became increasingly sceptical about such a deal, and the latest news that manufacturing activity in China contracted at its fastest pace in more than three years in January dealt a further blow to sentiment.