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Oil prices extend losses after JP Morgan cuts forecast

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices fell on Friday as concerns about surging U.S. output and falling demand in China weighed on the contract and JP Morgan cut its price forecast.Brent crude futures fell 66 cents to $76.66 a barrel by 1:32 p.m. EDT [1732 GMT]. U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 25 cents lower at $65.71. For the week, Brent was set to fall 0.2 percent, while U.S. crude was little changed.Crude prices came under pressure after data suggested Chinese demand was waning and concerns lingered about growing U.S. ...

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First Published: Fri, June 08 2018. 23:37 IST