Oil extends losses amid global economy's concerns

Oil prices fell today as the dollar rallied against most major currencies as well as concern about the growth of the global economy, which significantly affects demand for crude.

Concerns about the global economy rose after data in the eurozone showed the industrial sector of the union fell at its fastest pace in six months in march.

Meanwhile, by 15:45 GMT, the dollar index (against a number of major currencies) rose by 0.4% to 96.7 points, with a high of 96.8 points and a low of 96.2 points.

Baker Hughes is expected to release data on oil exploration activities in the United States this week.

As of 15:42 GMT, West Texas crude fell by 2.2% to $58.6 a barrel, the highest at $60.07 and the lowest at $58.44.

Brent also fell 1.7% to $66.7 a barrel, hitting a high of $67.9 and a low of $66.4.