Oil Down 2nd Straight Day, Rising Output Reignites Glut Worry

In crude volumes, the 606 million barrels transacted by WTI, as per Reuters data, was barely changed from last week's levels, although Brent's was lower. "It's a sign there are enough people who want a correction in this overbought market," said Phil Flynn, analyst at the Price Futures Group in Chicago.

Technical pressure is also weighing on crude after its retreat from recent highs. Fawad Razaqzada, analyst at London's City Index, says Brent's support could erode to $44.50, then $42.50 and finally $41 before what could be "the end of the current bullish trend."

(Additional reporting by Simon Falush in LONDON; Editing by Marguerita Choy and Chizu Nomiyama)


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