Off the wire
• U.S. initial jobless claims tumble to almost 42-year low  • 1st LD Writethru: U.S. dollar falls against euro on Greek bailout  • Chinese firm contracted to build 600 MW coal-fired power plant in Zimbabwe  • 1st LD Writethru: Gold up on technical trading, weak dollar  • Interview: Debt restructuring not enough, creative thinking needed to address Greek crisis: Nobel laureate  • Urgent: Oil prices retreat amid supply glut worries  • Italy's southern region governor indicted for alleged ILVA environmental disaster  • Urgent: U.S. dollar falls against euro on Greek bailout  • Roundup: Israeli army's killing of 2 civilians outrages Palestinians  • Czech scientists find new anti-tumour substance  
You are here: 　 Home

1st LD Writethru: Oil prices retreat amid supply glut worries

Xinhua, July 24, 2015 Adjust font size:

Oil prices went down Thursday as the market continued to worry about the global supply glut.

U.S. crude supplies of last week added 2.5 million barrels to 463.89 million, according to the weekly report of Energy Information Administration (EIA) released Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U. S. contract rose by 813,000 barrels.

Meanwhile, global crude production remains robust. Crude output from Organization of the Petroleum Exporting Countries (OPEC) climbed to a three-year high in June.

Traders also worried that more Iran crude would flow to the already well-supplied oil market.

The UN Security Council on Monday endorsed the newly-reached agreement between Iran and major world powers on Iranian nuclear issues, kicking off a process to lift UN sanctions on Iran.

The West Texas Intermediate for September delivery moved down 74 cents to settle at 48.45 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 73 cents to close at 55.27 dollars a barrel on the London ICE Future Exchange. Endite