The price of oil extended losses to near $104 a barrel Thursday as the risk of supply disruptions in Iraq continued to recede. Benchmark U.S. crude for August delivery was down 40 cents to $104.08 a barrel at 0655 GMT in electronic trading on the New York Mercantile Exchange, its sixth day of declines. The contract fell 86 cents to $104.48 on Wednesday. The fall in prices came despite a report on Wednesday from the U.S. Department of Energy that showed stockpiles of crude fell a larger-than-expected 3.2 million barrels last week in a possible sign of increased demand.
Source: AP