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1st LD Writethru: Oil prices retreat amid ample supplies

Xinhua, July 14, 2015 Adjust font size:

Oil price fell Monday as the crude supply of the Organization of the Petroleum Exporting Countries rose to a three-year high.

In June, OPEC production increased by 283,000 barrels per day to 31.38 million barrels per day (mb/d) on average, according to a monthly oil market report of the organizaton.

Non-OPEC oil supply growth in 2015 has been revised up by 18, 000 barrel per day to stand at 0.86 mb/d. In 2016, non-OPEC oil supply is projected to grow by 0.30 mb/d to 57.69 mb/d on average.

World oil demand this year is now expected to grow by 1.28 mb/d, following an upward revision of 0.10 mb/d since the last report. In 2016, the world's oil demand is forecast to pick up growth to hit 1.34 mb/d.

Oil prices went down as U.S. dollar appreciated against other currencies amid market expectation for an interest rate hike as early as September.

A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for August delivery moved down 54 cents to settle at 52.2 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 88 cents to close at 57.85 dollars a barrel on the London ICE Future Exchange. Endite