Oil prices extend losses on fears of economic slowdown | Reuters

Oil prices extend losses on fears of economic slowdown | Reuters

Oil prices fell on Thursday on concerns that high fuel prices could hurt economic growth, but a planned easing of restrictions in Shanghai and a tight supply outlook limited losses.

Brent crude futures for July were down 75 cents, or 0.7%, at $108.36 a barrel by 1354 GMT, after hitting a session low of $105.75. U.S. West Texas Intermediate (WTI) crude futures for June fell $1.42, or 1.3%, to $108.17 a barrel, after dropping to $105.13 earlier.

Front-month prices for both benchmarks fell about 2.5% on Wednesday.

"Slumping stocks led by the U.S. retail sector raised concerns about growth, and with that, demand for fuels," Saxo Bank analyst Ole Hansen said.