Updated on
Summary
Oil prices fell sharply in Asian trade Monday, extending their losses after the latest US unemployment report showed that a recovery in the world's biggest economy is unlikely to come soon. In afternoon trade, New York's main contract, light sweet crude for August delivery, was down 2.34 dollars to 64.39 dollars a barrel. Brent North Sea crude for delivery in August dropped 1.33 dollars to 64.28. Both contracts were down from their highest level this year of more than 73 dollars a barrel reached last month.
