Crude oil futures ended lower for second straight day on Wednesday amid concerns that several leading oil producers will likely increase output following a disagreement over output policy. The Organization of the Petroleum Exporting Countries and their major allies failed to reach an agreement on output levels. The meeting, which was originally scheduled to happen last Thursday, first got postponed and then was abandoned altogether this Monday with no decision on production levels, after the United Arab Emirates and Saudi Arabia fell out, with the former refusing to agree to a proposal backed by the latter.
Crude oil futures for August fell $1.17 or about 1.6 percent to settle at $72.20 barrel on the New York Mercantile Exchange. September Brent crude dropped $1.25 or 1.7 percent to settle at $73.28 a barrel on London's Intercontinental Exchange.