Oil Prices Extend Losses On Supply Glut

Oil prices extend losses on supply glut

SINGAPORE, (UrduPoint / Pakistan Point News - 22nd july,2016) Oil prices dipped in Asia on Friday, extending the previous day's sharp losses, while analysts warned the ongoing global supply glut would likely linger. The commodity has come under pressure in recent weeks following Britain's shock EU exit vote, while the US heads for the end of the summer holiday driving season with stockpiles still high.

Prices sank two percent Thursday as traders were left disappointed by the lack of forward guidance from the European Central Bank on its stimulus, while the Bank of Japan's governor threw cold water on hopes for robust measures from Tokyo.