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1st LD Writethru: Oil prices drop on supply glut worries

Xinhua, June 9, 2015 Adjust font size:

Oil prices lost Monday after the Organization of Petroleum Exporting Countries (OPEC) agreed on Friday to leave its output ceiling unchanged for another six months.

The oil cartel that pumps one third of the world's crude kept their collective target at 30 million barrels per day at its Friday's meeting in Vienna.

Analysts say the OPEC's strategy has worked as U.S. shale oil producers have been squeezed by the low prices in recent months.

The number of U.S. rigs actively drilling for oil as of last week fell to 646, the lowest level since August 2010, reported oil service company Baker Hughes Friday.

OPEC's output in May has exceeded 31 million barrels per day, according to market estimation.

Iranian Oil Minister Bijan Namdar Zangeneh also indicated last week the country could pump an extra 1 million barrels within six to seven months of Western sanctions eventually being lifted.

Light, sweet crude for July delivery moved down 99 cents to settle at 58.14 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 62 cents to close at 62.69 dollars a barrel. Endite