23.08.201906:03:00UTC+00Oil Prices Extend Loses As Demand Concerns Weigh

Oil prices fell on Friday to extend losses from the previous session as investors fretted about a slowdown in economic and oil-demand growth.

The downside, however, remained capped by tighter supplies from key producers.

As growth worries intensify, supply is already in a state of deficit because of rising geopolitical tensions.

Iran unveiled a new domestically-built long-range surface-to-air air defense missile system on Thursday as tensions continue to escalate.

Benchmark Brent crude slipped 0.2 percent to $59.80 a barrel, while U.S. crude futures were down 0.15 percent at $55.27 a barrel.

The focus now shifts to Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day as investors look for additional clues on future policy easing.

Despite concerns about a looming recession, Fed officials remain divided over whether the economy needs more rate cuts.