Oil prices extend losses on expectations talks to ease Middle East supply woes

Aug 27 : Oil prices fell on Thursday, extending a streak of multiple days of losses, on expectations talks between Iran and Qatar may open the key Strait of Hormuz and reduce supply disruptions from the Middle East war. Brent crude futures were down 60 cents, or 0.7 per cent, to $87.24 a barrel by 0004 GMT, down for a fourth day. West Texas Intermediate crude futures fell 56 cents, or 0.7 per cent, at $81.67, down for a fifth day.Iran and Oman are working on finalizing details of an agreement to control the Strait of Hormuz, a senior Iranian source said on Wednesday, after Iran's Revolutionary Guards said the two countries had agreed how to share the waterway that connects major Gulf oil producers to markets and its revenues.The strait carried oil and natural gas shipments equal to about o