Oil extends losses on Wednesday

WORLD CAPITALS, Jun 17 (WAM/APP):Oil prices inched lower on Wednesday, extending the previous session’s ?declines.

Brent crude futures dipped 16 cents, or 0.2 percent, to $78.80 a barrel by 0340 GMT, while US West Texas Intermediate fell 25 cents, or 0.3 percent, to $75.80 a barrel.

Both benchmarks fell about 5 percent for a second straight session on Tuesday to stand at ?three-month lows.