Oil extends losses on easing Middle East tension

Oil prices fell to a three-week low today, extending losses on hopes of easing tensions in the key producing region of the Middle East, while investors turned their focus to a bleaker demand picture.

Brent futures were down 60 cents at $86.69 a barrel, while U.S. crude futures traded 53 cents lower, at $82.16 a barrel. Both were down for a fourth straight session.

Prices were down more than $1 at their intra-day low and have slumped around 4% so far this week.