1228 GMT - Oil prices extend losses in afternoon trade as lingering uncertainties around global trade negotiations and a projected build in U.S. crude stockpiles weigh on sentiment. Brent crude falls 1.1% to $65.88 a barrel, while WTI is down 1.2% to $62.92 a barrel. Prices climbed in the previous trading session, supported by a significant de-escalation between the U.S. and China, a cooler-than-expected inflation report and fresh sanctions on Iranian oil. "Despite this boost, markets remained cautious," analysts at IG say. Meanwhile, OPEC kept its forecast for global oil demand growth unchanged as it prepares to accelerate output hikes for a second straight month in June, and lowered supply growth estimates from countries outside of the OPEC+ group. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
May 14, 2025 08:28 ET (12:28 GMT)
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