Brent for October settlement lost as much as 66 cents, or 1.3%, to $48.50 a barrel on the London-based ICE Futures Europe exchange, having slipped 3.4% on Monday. Photo: BloombergHong Kong/London: Oil extended its biggest loss in three weeks before the release of US crude inventory data on Wednesday, while Goldman Sachs Group Inc. cautioned that any Opec deal to freeze output may only deepen the global oversupply. October futures fell as much as 1.7% in New York after declining for the first time in eight days on Monday. Oil entered a bull market last Thursday, having climbed more than 20% since dipping below $40 a barrel earlier in the month. Prices subsequently retreated as Iraq sought to increase exports and Nigerian militants called an end to hostilities, potentially boosting supply.

Source: Mint August 23, 2016 09:45 UTC