By STEVENSON JACOBS, AP Business Writer

NEW YORK – Oil prices extended their losses Wednesday, a day after plunging nearly $6 a barrel, as oil market traders shifted their attention from tropical weather to a stronger dollar and falling demand for petroleum products.

Light, sweet crude for October delivery fell $1.07 to $108.64 a barrel on the New York Mercantile Exchange, after earlier dipping as low as $107.32.

On Tuesday, crude plummeted in a dramatic sell-off after it became clear that Hurricane Gustav had left the U.S. oil infrastructure without major damage. Prices settled at $109.71 a barrel, down $5.75 from the close of trading Friday, before the Labor Day weekend; U.S. floor trading was closed Monday.

At one point Tuesday, crude fell as low as $105.46, its lowest level since April.

Since oil prices reached a record $147.27 on July 11, sentiment among traders has shifted to expect slowing economic growth in the U.S., Europe and Japan will likely spread to developing countries and undermine crude demand.

CONTINUE READING AT…………http://news.yahoo.com/s/ap/20080903/ap_on_bi_ge/oil_prices

 

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