World oil prices extend losses

World oil prices extended losses in Asian trade today on concerns that demand is weakening in the United States, the world's biggest energy user, dealers said. New York's main contract, light sweet crude for December delivery was off 27 cents to $ 65.03 from its close of $ 65.30 in the United States yesterday. The contract fell $ 5.23 yesterday. Brent North Sea crude for December delivery eased 26 cents to $ 61.61 a barrel from $ 61.87 where it dropped $ 4.57 yesterday. Latest data released yesterday by the US Department of Energy (DoE) showed US gasoline stockpiles jumped 1.1 mn barrels in the week ended October 31, confounding market expectations for a drop of 6,00,000 barrels. The DoE said crude reserves held steady instead of rising the 1.2 mn barrels forecast by analysts. US energy demand continued to decline. Americans consumed 6.7 % less crude in the past four weeks compared with the same period a year ago, the government data showed. "It's very difficult to sustain price rallies, especially since the demand deterioration theory is still intact," Jim Ritterbusch, president of the oil trading advisory firm Ritterbusch and Associates, was quoted as saying by Dow Jones Newswires. Crude prices have more than halved since hitting record levels of above $147 in July on concerns about the faltering global economy.