Oil prices fall on data of increased US supply

Oil prices extended their slide Thursday as the market adjusted to US government data showing higher crude oil and gas inventories and positive developments in Iran. Light sweet crude for July delivery fell 29 cents to $70.53 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. A day earlier, prices had fallen 2 percent after US government data showed rising domestic inventories of crude oil and gasoline.