Oil extends decline as supply disruption fears recede

Oil prices slid towards $64 a barrel on Tuesday, extending four straight days of declines due to easing concerns of possible supply disruptions as a result of tensions in the Middle East.

Brent crude was down 11 cents, or 0.19 per cent, at $64.08 per barrel by 0916 GMT. US West Texas Intermediate crude futures were down 22 cents or 0.4 per cent at $57.86 a barrel. The benchmarks lost about 5 per cent and 6 per cent, respectively, last week.

The recent declines followed investors unwinding bullish positions built following the killing of a senior Iranian general in a US air strike in Iraq on Jan. 2 which sent oil prices to a four-month high, global oil strategist at BNP ParibasNSE -1.02 % in London Harry Tchilinguirian said.