Crude oil slipped for a second straight day on Thursday, weighed by weaker U.S. refined fuels markets and potential negative impact from Greece's debt crisis on European energy demand.
U.S. crude for delivery in August closed down 57 cents, or 0.95, at $59.70 a barrel. It closed down more than 1 percent on Wednesday. Brent for August delivery was down 30 cents at $63 a barrel, after ending the previous day down 96 cents, or 1.5 percent.
Worries of a possible glut emerging in U.S. gasoline and diesel supply after large builds in both last week added to concerns that millions of barrels of Nigerian crude were floating around the Atlantic Basin looking for buyers.
Volumes were relatively light, with Brent's front-month registering under 180,000 barrels and U.S. crude below 165,000.
"I'm really looking for a breakout of the recent trading ranges to take new positions," said Tariq Zahir, an oil bear at Tyche Capital Advisors, an energy-focused fund in Laurel Hollow, New York.