It is looking like another lost year for the world’s biggest oil companies, as profits shrank dramatically during the second quarter and they now face a volatile end to 2016 while crude prices veer again to just over $41 a barrel. “The second-quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world,” said Chevron Chairman and Chief Executive John Watson . The companies performed substantially worse than the decline in oil prices during the three-month period compared with a year earlier. Now, oil is flirting with bear-market territory once again as U.S. prices have fallen nearly 20% since hitting a 52-week high of $51.23 on June 8. U.S. oil ended up 1.1% Friday at $41.60 a barrel. Fears of oversupply have gripped the market as a glut of gasoline threatens to push prices lower just as the summer […]