U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two years. ConocoPhillips, whose shares were down 1.7 percent in premarket trading, cut its capital budget to $5.5 billion from $5.7 billion. Global oil prices have slumped 60 percent since mid-2014, prompting oil producers to scale back drilling and severely curtail spending. ConocoPhillips said its total realized price fell to $27.79 per barrel of oil equivalent (boe) in the second quarter from $39.06 per boe, a year earlier. The company’s production dipped by 49,000 barrels of oil equivalent per day (boe/d) to 1.546 million boe/d due to the impact of wildfires in Canada among other things. […]

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