Oil Falls for Second Day With OPEC Seen Adding to Glut

Oil fell for a second day, trimming a weekly advance on concern rising output from OPEC’s biggest members will swell a global glut.

Saudi Arabia, Iraq and the United Arab Emirates each produced at a record in May, the International Energy Agency said Thursday. While production from prolific shale formations in the U.S. will fall next month to the lowest level since January, the nation’s stockpiles remain more than 90 million barrels above the five-year seasonal average.