Oil Extends Losses To a Fourth Straight Session

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices fell Thursday, extending their declines over the past three sessions on persistent concerns that U.S. crude production will offset output cuts by other major producers. But losses were limited amid growing expectations that the Organization of the Petroleum Exporting Countries will reach an agreement next month to extend its output-cut agreement into the second half of the year. May WTI crude fell 17 cents, or 0.3%, to settle at $50.27 a barrel on the contract's expiration day. June WTI , the new front-month contract, finished at $50.71, down 14 cents, or 0.3%.

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