Oil prices ended lower again on Thursday on increased concerns about growth in U.S. production and inventories, despite expectations that major world producers will extend a supply-cut deal later this month. Brent crude futures settled 51 cents, or 0.8 percent, lower at $61.36 per barrel, running its streak of losses to five straight days. U.S. light crude fell for a fourth consecutive session, ending down 19 cents, or 0.3 percent, at $55.14 a barrel.
Oil prices have slipped from the two-year highs hit last week by both crude benchmarks on signs that U.S. supply is rising and could potentially undermine OPEC's efforts to tighten the market. The market has been bolstered of late by funds extending long positions on a bullish outlook for the commodity due to tightening supply worldwide.
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