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Oil prices extend losses

Oil prices extended losses from the previous session on Wednesday, as the United States said it was considering selling oil from its strategic reserves and as Russia said it was ready to stabilise the natural gas market.
 
Brent crude prices were down 16 cents, or 0.2 per cent, at $80.92 a barrel, after touching a session low of $79.08. 
 
US West Texas Intermediate crude futures fell 30 cents, or 0.4 per cent, to $77.13 a barrel, having hit a session low of $74.96.
 
Both contracts fell about two per cent on Wednesday.
 


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