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1st LD Writethru: Oil prices fall amid supply glut

Xinhua, June 13, 2015 Adjust font size:

Oil prices on Friday extended losses for a second day, still reeling from the news that output from Organization of Petroleum Exporting Countries (OPEC) hit its highest level in almost 3 years.

Saudi Arabia, Iraq and the United Arab Emirates pumped at record monthly rates, the International Energy Agency (IEA) said in its Oil Market Report on Thursday. OPEC supply edged up 50,000 barrels per day in May to 31.33 million barrels per day(mb/d), the highest rate since August 2012 and more than its target 30 million mb/d for a third consecutive months.

Meanwhile, U.S. dollar climbed on upbeat economic data. A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The number of U.S. rigs actively drilling for oil of this week fell 7 rigs to 635, oil service company Baker Hughes said on Friday.

Light, sweet crude for July delivery moved down 81 cents to settle at 59.96 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.24 dollars to close at 63.87 dollars a barrel. Endite