Oil Prices Extend Losses On Supply Worries.
Oil prices dipped today, extending last week's losses on fresh worries about a global supply glut as more US rigs come back online and the dollar strengthens.
Both contracts sank Friday after a report showed the number of active us installations rose for a fourth straight week as firms are tempted to reopen them by the relatively higher prices.
However, the increase in production adds to an already painful oversupply crisis.
At about 0630 GMT, us benchmark West Texas intermediate was down 17 cents at 44.02 US dollars a barrel, a new two-month low, and Brent was also 20 cents lower at 45.49 US dollars.