Oil declines as hurricane threat is lowered

Crude oil futures on Thursday extended their losses following another large build in US distillates and a weakening of Hurricane Emily, which lowered the threat of disruption to oil supplies in the Gulf of Mexico.

IPE Brent for September delivery fell 80 cents to $55.85 a barrel in early morning trade in London, extending the 71 cents decline on Wednesday.

In the US, the September West Texas Intermediate futures contract dipped 47 cents to $57.25 a barrel, following a 74 cents fall from the previous session.