LONDON, Jan 10: Oil prices extended heavy recent losses on Thursday, with traders focusing on worries about slower US economic growth which would dampen global demand for crude, traders said.

New York’s main contract, light sweet crude for delivery in February, gave up $1.33 to stand at $94.34 per barrel in floor trading.

Brent North Sea crude for February slid $1.49 to $92.88 in electronic deals.

“Crude futures were lower as the threat of recession continues to play on market participants’ minds,” said Sucden analyst Nimit Khamar in London.

“Many are concerned that current market turmoil could now have a much larger impact on oil demand growth than previously expected,” he said.

“However, the market remains tight and therefore is vulnerable to supply shocks, which could trigger a significant spike higher.”

Traders remain fearful that a potential recession in the United States could slash demand from the biggest energy consuming nation in the world.

However, traders focused on an increase in refinery use, operating at 91.3pc of capacity, the highest rate since August.—AFP