Oil extends losses as economic data, growing inventories drag

SINGAPORE: Oil futures extended losses on Thursday as weak economic data weighed on the outlook for fuel demand which was made worse by a larger than expected rise in US crude inventories.

“Crude oil prices fell as rising inventories added to the weakening economic backdrop,” said ANZ Bank in a note on Thursday.

Brent crude oil futures fell 17 cents, or 0.3 per cent, to $57.52 a barrel by 0052 GMT, after tumbling 2 per cent in the previous session.