Oil prices extend losses

Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped loss.

Brent crude futures for July were down $1.25, or 1.2 per cent, at $107.86 a barrel by 0932 GMT. US West Texas Intermediate (WTI) crude futures for June fell $1.96, or 1.8 per cent, to $107.63 a barrel.

Front-month prices for both benchmarks fell about 2.5 per cent on Wednesday.