Poochandi

March 10, 2010

Oil prices extended losses in Asian trade today ahead of a closely watched report on energy demand in the United States, the world's biggest energy consumer.

New York's main contract, light sweet crude for April delivery, dropped 16 cents to USD 81.33 a barrel.

London's Brent North Sea crude for April delivery was down 20 cents to USD 79.71 a barrel.

Analysts said investors were waiting for signs of firmer demand in the United States after an industry report showed a surprise build-up of crude stocks.

The American Petroleum Institute (API) said Tuesday crude stockpiles for the week ended March 5 rose 6.5 million barrels. Analysts polled by Platts had anticipated an increase of 2.1 million barrels.

"The API reported quite bearish results yesterday. The crude build-up was larger than expected," said Serene Lim, a Singapore-based oil analyst with the ANZ bank.