Oil extends losses

Oil prices extended losses in Asian trade Thursday after easing from recent 18-month peaks on a weekly US energy reserves report showing a supply build-up in the world's biggest energy consumer.
New York's main contract, light sweet crude for delivery in May, was down 12 cents to 85.76 dollars a barrel.
Brent North Sea crude for May shed 32 cents to 85.27 dollars per barrel.
"The market had gotten ahead of itself when it marched towards 87 dollars. There are no physical reasons why prices should be moving so high," said Jason Feer, vice president with energy market analysts Argus Media.