Oil Extended Losses In Asian Trade


SINGAPORE: Oil continued losses in Asian barter Thursday, with prices hitting multi-month lows as Spain's cyberbanking woes agitated worries about the eurozone, analysts said.

New York's capital contract, West Texas Intermediate awkward for commitment in July was bottomward 24 cents to $87.58 per butt while Brent North Sea awkward for July afford 34 cents to $103.13 in morning trade.

Prices had angled Wednesday as the dollar rose to two-year highs adjoin the European distinct currency,
authoritative dollar-priced oil added big-ticket and affliction demand.

WTI awkward had plunged $2.94 on Wednesday to its everyman akin back October, while Brent beneath $3.21, its everyman abutting back December 16.

"Right now, the bazaar is advanced open. There is still ambit for added downside burden on prices if the bearish affect about the eurozone's approaching keeps up," said Nick Trevethan, chief bolt architect at ANZ Research.

Spain's bread-and-butter woes were acutely in focus as its 10-year borrowing ante approached the 7.0 percent mark that has been declared by analysts as a "tipping point".

Economists abhorrence the Spanish government will accept to seek an all-embracing bailout -- afterward Greece, Ireland and Portugal -- admitting assurances from Prime Minister Mariano Rajoy.

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