Oil extends losses, Brent crude hits 13-month low

By Dow Jones newswires

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September were flat at $US97. 30 a barrel. "The IEA's monthly report certainly did not help already downbeat sentiment on Tuesday," said Andrey Kryuchenkov, an analyst at VTB Capital. "Market participants still do not expect significant supply-side shocks despite all the geopolitical jitters in Iraq.

Brent crude traded at its lowest since early July 2013 after the International Energy Agency cut global demand forecasts Tuesday for both 2014 and 2015 and said markets remain well supplied, despite events in the Middle East and Ukraine.

Read more here: Business Spectator

    

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