Oil prices slip further in Asia on supply woes

SINGAPORE: Oil prices extended losses in Asia on Monday on expectations that a global supply glut will persist until late next year, while analysts said the climate deal agreed in Paris had made little impact on the commodity.

With the Organization of the Petroleum Exporting Countries (OPEC) cartel refusing to cut production, the world economy struggling and Iranian oil expected to enter the market next year, the cost of the black gold has been battered to levels not seen since early 2009 during the global financial crisis.