Oil Prices Extend Losses As Bearish Sentiment Mounts

Crude oil extended a two-day streak of losses today, with morning trade sending both Brent and West Texas Intermediate lower. Bar a sudden reversal of fortunes, crude oil is in for a week of substantial losses, weighed down by weak U.S. economic data. Prices are down even though the latest data from China suggested robust demand as GDP growth for the first quarter beat expectations. "Market sentiment remained bearish after the weak U.S. economic data, along with expectations of interest rate hikes, fuelling worries over a recession that could dent…