Oil prices extended losses for a second day Tuesday in Asia, falling near $38 a barrel, Associated Press reported. Benchmark crude for April delivery dropped 32 cents to $38.12 a barrel by afternoon in Singapore on the New York Mercantile Exchange. The contract overnight fell $1.59 to $38.44. The Dow Jones industrial average fell 3.4 percent Monday and the Standard & Poor's 500 index dropped 3.5 percent. All major Asian stock markets also fell on Tuesday. In other Nymex trading, gasoline futures rose 0.36 cent to $1.05 a gallon. Heating oil dropped 1.14 cents to $1.16 a gallon, while natural gas for March delivery slid 5.6 cents to $4.04 per 1,000 cubic feet. Brent prices fell 10 cents to $40.89 on the ICE Futures exchange in London.
