Oil prices drop over renewed concerns over recession

NEW YORK, May 11 (Xinhua) -- Crude oil futures prices extended losses on Thursday due to renewed concerns over economic recession.

The West Texas Intermediate (WTI) for June delivery fell 1.69 U.S. dollars, or 2.33 percent, to settle at 70.87 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery sank 1.43 dollars, or 1.87 percent, to settle at 74.98 dollars a barrel on the London IC