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1st LD Writethru: Oil prices drop amid global glut

Xinhua, January 10, 2015 Adjust font size:

Oil prices retreated Friday as there is no sign that the Organization of Petroleum Exporting Countries (OPEC) would cut production in response to recent price slump.

The United Arab Emirates (UAE) has no plans to reduce output. Al Otaiba, the ambassador to the United States said in Washington Thursday that the UAE can live with current market conditions for a lot longer than people expect.

OPEC's production slid by 122,000 barrels a day from November to 30.24 million last month, according to a survey of Bloomberg survey.

U.S. crude production rose 11,000 barrels a day to 9.13 million last week, the most in the history of the weekly data that started in January 1983,according to the Energy Information Administration. However, the newly released upbeat U.S. economic data didn't help much to boost the crude prices.

Oil prices plunged about 10 percent in 2015 as the market expected global supply surpasses the demand.

Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined by 0.2 percentage point to 5.6 percent, the U.S. Labor Department said on Friday. Both figures topped analysts' estimates.

Light, sweet crude for February delivery lost 43 cents to settle at 48.36 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 85 cents to close at 50.11 dollars a barrel. Enditem