USOIL

WTI extends its losses to near $77.70 as demand concerns rise after US factory dataWest Texas Intermediate oil price extends its losses for the third successive session, trading lower near $77.70 per barrel on Wednesday. Concerns about demand weigh on Crude oil prices following recent data indicating slowing economic activity in the United States, the world's largest oil consumer. Crude Oil markets waffled on Tuesday, dragging West Texas Intermediate (WTI) US Crude Oil further down the charts to test below $78.00 per barrel as a long-awaited uptick in Chinese Crude Oil demand fails to materialize.The Organization of the Petroleum Exporting Countries (OPEC) recently announced a broadly-anticipated extension to first-quarter production caps that were meant to bolster global prices of Crude Oil. Despite OPEC continuing to crimp output of its member states, production from non-OPEC nations, notably the US, continues to climb, and far-off expectations of possible refining curtailing have yet to materialize. confirm signal