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Oil prices extended losses on after JP Morgan cuts forecast

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices fell on Friday, extending losses as JP Morgan cut its crude price forecast, after already weakening on concerns about surging U.S. output weighed and falling demand in China.Brent crude futures fell $1.04 to $76.30 a barrel by 11:10 a.m. EDT [1510 GMT]. U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 61 cents lower at $65.33. For the week, U.S. crude was set to fall 0.2 percent, while Brent was set to fall 0.6 percent."It's all about the JP Morgan report," said Bob Yawger, director of energy futures ...

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First Published: Fri, June 08 2018. 21:59 IST