World oil prices extended losses in Asian trade Tuesday mainly after Egypt crisis lost momentum while higher stockpiles in the US also dented the black gold.
Light sweet crude for March delivery was seen trading at $87.28 a barrel at 12.00 noon while Brent crude was at $99.27 a barrel in London.
Analysts said the black gold is likely to fall further as the industry-funded American Petroleum Institute is likely to report higher stockpiles in its data scheduled to be released later during the day.
Meanwhile, Egypt crisis which entered its third week seems to have lost its momentum and eased concerns of disruptions in crude supply through Suez Canal. About 2.5 percent of global oil production moves through Egypt via the Suez Canal and the Suez-Mediterranean Pipeline.
Egypt's government has promised progress within a month toward free elections, a move intended to persuade protesters to leave Cairo's Tahrir Square after two weeks of rallies aimed at toppling President Hosni Mubarak.
On Monday, New York's main contract, light sweet crude for March, dropped $1.55 to end the day at $87.48 a barrel and Brent crude for delivery in March ended at $99.25, down 58 cents compared with Friday's close.
