Oil prices extend losses on rise of U.S. gasoline stocks, recession risks

NEW YORK, May 3 (Xinhua) -- Crude oil futures prices witnessed a further deep drop on Wednesday due to the surprising increase of U.S. gasoline inventory last week and continuous concerns over recession prospects.

The West Texas Intermediate (WTI) for June delivery dived 3.06 U.S. dollars, or 4.27 percent, to settle at 68.60 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery