Oil prices extend losses on rising U.S. output

Oil prices retreated further Friday as data showed that the U.S. rig count increased for the second straight week.

The West Texas Intermediate for July delivery dropped 1.49 U.S. dollars to settle at 49.07 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 1.41 dollars to close at 50.54 dollars a barrel on the London ICE Futures Exchange. Endit