Oil prices fell for a second day on Thursday, extending declines of as much as 4...
TOKYO - Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in U.S. crude stockpiles and concerns about lower demand growth.
U.S. West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14.The U.S. Energy Information Administration on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.
Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries to roll over supply cuts it has enacted with other producers.
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