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1st LD Writethru: Oil prices fall amid concerns about surplus supplies

Xinhua, May 28, 2015 Adjust font size:

Oil prices lost Wednesday as Iraq planned to raise crude exports.

Iraq has planned to boost crude exports by about 26 percent to a record 3.75 million barrels a day in June, according to shipping programs.

Output from the Organization of Petroleum Exporting Countries ( OPEC) increased by 18,000 barrels to average 30.84 million barrels per day in April, according to OPEC's monthly report.

Analysts are keeping an eye on OPEC's June 5 meeting. There is no sign that the cartel will cut output quota at this meeting.

In the week ending May 22, U.S. crude production retreated 112, 000 barrels to 9.262 million barrels a day, according to the weekly report of the Energy Information Administration released Wednesday.

U.S. crude supplies of that week decreased to 482.2 million barrels, still 90.9 million barrels more than a year earlier.

Light, sweet crude for July delivery lost 52 cents to settle at 57.51 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery moved down 1.66 dollars to close at 62.06 dollars a barrel. Endite