Crude-oil futures extended their sell-off in Asian trading hours Thursday as Libya’s oil output ramped up, and after Chinese oil imports in June fell from a month earlier. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $101.75 a barrel at 0555 GMT, down $0.54 in the Globex electronic session. August Brent crude on London’s ICE Futures exchange fell $0.13 to $108.15 a barrel. Libya’s largest oil field Sharara is ramping up production much faster than expected and is almost at two-thirds of its output capacity, a manager at the field said Wednesday. Overnight, U.S. Energy Information Administration data showed oil stockpiles fell by 2.4 million barrels last week. But a 600,000-barrel increase in gasoline stocks during the summer driving season was bearish for oil prices. The build in U.S. gasoline stocks was mainly due to lower demand, which […]