Oil extends losses on US inventory build, OPEC forecast shift
Oil prices fell for a second day on Thursday as an industry report showing rising crude inventories in the U.S., the world’s biggest crude consumer, reinforced concerns that global supply is more than ample to meet current fuel demand.
Brent crude futures fell 3 cents, or 0.03%, to $62.69 a barrel by 0234 GMT, after dropping 3.8% in the previous session. U.S. West Texas Intermediate crude fell 5 cents, or 0.09%, to $58.44 a barrel, extending its 4.2% decline on Wednesday.
