Tokyo — Oil prices extended declines into a second session on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off the escalating tension between the US and Iran. Brent crude oil was down 19c, or 0.3%, at $72.87 a barrel by 3.45am GMT, after settling down 1c on Monday. US crude was down 21c, or 0.3%, at $67.68 a barrel. The contract fell 37c the previous day. Earlier in Monday’s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened the United States. "While oil prices were the primary beneficiary of the weekend’s headline battle between President [Donald] Trump and Iranian President Rouhani, that boost started to fizzle as traders then veered to oversupply concerns," said Stephen Innes, head of trading for Asia-Pacific at brokerage Oanda. Iran has been under increasing pressure from the US, with Trump’s administration pushing countries to cut all imports of Iranian oil from November....
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