Oil extends losses, falls below $40

World oil prices sank further below $40 per barrel on Tuesday, as hopes faded that major crude producers would freeze output levels to ease a world surplus.

At around 17:00 GMT, United States benchmark West Texas Intermediate for delivery in April was down a hefty $1.11 at $36.07 per barrel.

Brent North Sea crude for May delivery slid 96 cents to $38.57 a barrel compared with Monday’s close.