Gloom as losses continue

By Vahe Petrossian London

 26 July 2012 22:59 GMT

Oil prices continued their losses of late last week from recent highs, brought on by potentially falling demand in the US and the eurozone crisis.

Benchmark Brent crude saw a drop of $1.17 to $102.25 per barrel in late afternoon trading after the US reported an unexpected increase in its crude and other inventories.

Last week, Brent prices exceeded $106 on Wednesday before falling back the following day.

In New York, US light crude was fetching $87.11 per barrel, down $1.39, in late morning trading.

The fall in prices followed the release of data by the Energy ­Information Administration in Washington.

This showed an unexpected increase of 2.7 million barrels to 380.1 million barrels in crude inventories in the previous…

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