Oil prices fell today, extending a steep decline from the previous session amid concerns of mounting supply and data showing a contraction in the US economy, the world’s top oil consumer. Brent Crude was trading almost two per cent down at 59 dollars and 85 cents per barrel. WTI Crude was also down by 2.1 per cent at 56 dollars and 95 cents per barrel when reports last came in. Meanwhile, Energy Information Administration data showed US commercial crude oil inventories decreased by 2.7 million barrels to 440.4 million barrels in the week ending on 25th April due to higher export and refinery demand.