As worries about the world's excess supply persisted, oil saw its largest two-day decline in a month.

After dropping 3% over the preceding two sessions, West Texas Intermediate closed at $58 per barrel , while Brent closed close to $62. According to the US, American crude output will reach a record high of 13.6 million barrels per day this year, contributing to the deluge of supplies that is reaching the world market.

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According to some sources, US crude inventories decreased by 4.8 million barrels last week, according to the industry-funded American Petroleum Institute. However, fuel stockpiles—both petrol and distillates like diesel—saw significant increases. On Wednesday, offi

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