Oil prices extend losses

London (AFP) – Oil prices slipped further Tuesday, as concerns about weakening demand growth in China added to expectations that a global oversupply could last for years.
US benchmark West Texas Intermediate for September delivery was down 19 cents at $41.68 a barrel compared with Monday’s close.
WTI has lost more than 30 percent of its value in the past two months, and on Friday dropped to its lowest level since March 2009 at $41.35.
On Tuesday in London afternoon trading, Brent North Sea crude for October was down 30 cents at $48.44 a barrel.
Prices are downbeat as strong output from US shale oil producers and the Organization of the Petroleum Exporting Countries cartel has outpaced tepid growth in demand.