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

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NEW YORK, May 3 (Reuters) - Oil prices fell for a second day on Tuesday, retreating further from the year's highs hit last week, as rising output renewed worries about the global glut of crude, the U.S. dollar rebounded and equity markets weakened.


Output from the biggest oil producers in the Middle East jumped last month or could surge in the near term, data showed this week, ahead of a U.S. government report on Wednesday likely to cite record high crude stockpiles.



http://www.downstreamtoday.com/news/article.aspx?a_id=52012



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