Oil extends losses on supply overhang, weak outlook - Reuters

Oil extends losses on supply overhang, weak outlook - Reuters:

Oil prices extended losses on Thursday as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand, with the outlook still grim despite April data showing a rise in imports into China. 

Brent crude LCOc1 was down by 24 cents, or 0.8%, to $29.48 a barrel by 0649 GMT, after dropping 4% on Wednesday.

U.S. West Texas Intermediate futures CLc1 dropped 34 cents, or 1.4%, to $23.65 a barrel, having declined more than 2% in the previous session.

Both contracts flicked higher and lower through the Asian session in light trade, with some markets including Singapore on holiday.