Oil prices extend losses as oversupply worries drag - Reuters

Oil prices extend losses as oversupply worries drag - Reuters:

Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.

Brent crude oil futures were at $71 a barrel at 0431 GMT, down 18 cents, or 0.25 percent, from their last close. Brent ended down 0.5 percent on Monday.

U.S. West Texas Intermediate (WTI) crude futures were at $63.32 per barrel, down 8 cents, or 0.13 percent, from their previous settlement. WTI fell 0.8 percent on Monday.