Oil prices extend losses below $105 a barrel

The price of oil fell again Wednesday as traders hunkered down and waited for news of when the U.S. economy might be weaned off the Fed's stimulus program. U.S. benchmark oil for October delivery was down 36 cents to $104.75 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract for September delivery dived $2.14, the sharpest decline in two months, to $104.96 a barrel. Analysts said some of the decline was driven by the expiration of the September contract at the end of trading. The October contract fell $1.75 to $105.11 a barrel. Traders were awaiting the release Wednesday of minutes from the Federal Reserve's July policy meeting for hints of whether and when it might begin cutting back on its $85 billion a month of bond purchases. Evidence that the U.S. economy is improving and statements from Fed officials themselves have prepped investors to prepare for a winding down of asset purchases as early as September. Brent crude, which is used to set prices for imported oil used by many U.S. refineries, fell 35 cents to $109.80 a barrel on the ICE Futures exchange in London.