Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices.
Brent crude was down 58 cents, or 0.8%, at $70.91 a barrel by 1218 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 55 cents, or 0.8%, at $68.68 a barrel, having dropped by 0.6% in the previous session.
“A previous price surge that was probably premature, coupled with a stronger U.S. dollar and a correction on the stock markets, are weighing on oil prices,” Commerzbank said.
As oil is priced in dollars, a…
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