Brent extends losses, falls below $62

Oil prices fell during today's trading and extended their losses despite increased tensions in the Middle East and in conjunction with the decline of US dollar against most major currencies.

Crude prices received support earlier in the day after the Iranian Revolutionary Guards announced the confiscation of a foreign oil tanker allegedly smuggling a million liters of fuel near an island in the Gulf, according to the Wall Street Journal.

This comes at a time when the British authorities are still maintaining an Iranian tanker in the Gulf of Gibraltar, which increases tensions in the region.

In a related context, the dollar index (against a number of major currencies) fell by 0.1% to 97.1 points as of 14:50 GMT, reaching a high of 97.2 points and a low of 97.05 points.

In terms of trade, by 14:49 GMT, West Texas fell by 2.9% to $55.1 per barrel, with the highest price at $57.3 and the lowest at $54.8.

Brent fell 2.8% to $61.8 per barrel, with a high of $64.4 and a low of $61.5.