Oil futures settle at a one-week low

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 CLN5, +0.09%  shed $1.64, or 2.75%, to $58 a barrel. Brent crude for July delivery LCON5, +0.24% lost $1.77, or 2.8%, to $62.03 a barrel on London’s ICE Futures exchange.

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