Oil extends losses on US inventory build, OPEC forecast shift

Core Viewpoint - Oil prices have declined for a second consecutive day due to an industry report indicating an increase in crude inventories in the U.S., raising concerns about global supply exceeding demand [1] Group 1: Oil Prices - Oil prices fell for a second day on Thursday, reflecting market reactions to inventory data [1] - The decline in prices is attributed to rising crude inventories in the U.S., the largest consumer of crude oil globally [1] Group 2: Market Concerns - The increase in U.S. crude inventories has reinforced worries about an oversupply in the global oil market [1] - This situation suggests that demand may not keep pace with supply, impacting future pricing strategies [1]