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NEW YORK, June 15 (Xinhua) -- Oil prices extended losses Thursday on concerns over lingering global glut.
Traders said oil prices were under pressure from high global inventories, which are near record levels in many parts of the world.
Meanwhile, the Organization of the Petroleum Exporting Countries'(OPEC) and its allies have agreed to restrict output to try to drain surplus supply, but traders doubted their ability to implement production cuts.
The West Texas Intermediate for July delivery lost 0.27 U.S. dollar to settle at 44.46 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery shed 0.08 dollar to close at 46.92 dollars a barrel on the London ICE Futures Exchange. Enditem
