Oil futures fell for a second straight session Thursday, with the U.S. benchmark settling at its lowest level in a week as traders braced for developments from a key meeting of the Organization of the Petroleum Exporting Countries. The highly anticipated meeting isn’t expected to lead to easing of a glut of global-crude supplies or take into account the prospect of growing output from Iran, but traders will be focused on the assemblage of the oil cartel to garner clues on oil futures’s next move after losing nearly half its value since its peak in 2014.
On the New York Mercantile Exchange, West Texas Intermediate July crude shed $1.64, or 2.75%, to $58 a barrel. Brent crude for July delivery lost $1.77, or 2.8%, to $62.03 a barrel on London’s ICE Futures exchange.
Oil saw “follow-through weakness” after a bearish U.S. Energy Information Administration report released Wednesday, and the thought that OPEC will continue to pump near a record, said Phil Flynn, senior market analyst at Price Futures Group.