Oil prices edged lower on Thursday, extending losses from the previous session as signals of higher supply from the United States met concern over lacklustre energy demand from China.
Brent futures were down 70 cents at $80.48 a barrel by 1250 GMT. U.S. West Texas Intermediate crude (WTI) shed 65 cents to $76.01. Both benchmarks fell more than 1.5% in the previous session.
WTI’s front-month contract also traded below the price for the second month, a structure known as contango, suggesting that investors expect prices to increase. The front month’s discount to the second month traded at minus 17 cents on Thursday.