Brent crude oil extends losses

Brent crude oil prices dipped on Tuesday as Asia's economic weakness persisted, extending losses after a sharp fall in the previous session, while US futures were firmer following a report that indicated a drawdown in weekly inventory levels. The internationally traded Brent contract was, however, pulled down by more gloomy news of stalling Asian growth. Front-month US crude futures were trading at $44.23 a barrel at 0405 GMT, up 23 cents from the previous session, while Brent was down 5 cents at $46.32 a barrel. In China, fiscal spending reportedly jumped 25.9 per cent in August from a year ago as Beijing tries to re-energise flagging economic growth, but stock markets were unimpressed, with China's major indexes down over 2 per cent early on Tuesday, according to Reuters.

--Shuvo--