US WTI Crude Oil Futures Extend Losses for Second Day, Down 2.3% on Thursday

US WTI crude oil futures fell for a second consecutive trading day on Thursday as traders continued to weigh the outlook for energy demand. Edward Moya, senior market analyst at OANDA, said, “The US debt ceiling drama will eventually have a greater impact on oil prices, but the recent downside in crude seems to have been limited.”

He added, “Oil prices look ready to continue consolidating at these levels. Many of the bad news has been priced in, so new monthly lows seem unlikely.”

The June-delivery West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange fell $1.69, or 2.3%, to settle at $70.87 per barrel.