Oil extends losses on weak global economic outlook

Oil prices fell on Wednesday as concerns about the global economy exacerbated worries that an oversupply of crude could last longer than expected. Weak manufacturing reports from China, the United States and Europe undermined global equities, while a stronger-than-expected build in U.S. crude stocks and weaker U.S. manufacturing data drove oil market sentiment down, analysts said. Wednesday's fall compounded an 8 percent drop in Brent and U.S. crude prices on Tuesday, which ended a 25 percent th