Extending losing streak for the third straight day, crude oil futures ended sharply lower to settle at nearly 2-week low on Thursday, as worries about US crude inventories helped to extend the US benchmark's downturn. The US Energy Information Administration had reported Wednesday that crude supplies climbed by 5.8 million barrels for the week ended May 18. Besides, comments from the Organization of the Petroleum Exporting Countries that an increase on production will be discussed in the June OPEC meeting, because of possible declines in crude production from Iran and Venezuela, too weighted down on the oil prices.
Benchmark crude oil futures for July delivery fell $1.13 or 1.60 percent to settle at $ 70.71 a barrel on the New York Mercantile Exchange. July Brent crude slipped $1.01 or 1.30 percent to settle at $ 78.79 a barrel on London's Intercontinental Exchange.