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1st LD Writethru: Oil prices plunge amid ample supplies

Xinhua, August 4, 2015 Adjust font size:

Oil prices plummeted Monday as market expected crude production from the Organization of Petroleum Exporting Countries (OPEC) hit record high in July.

In June, OPEC production increased by 283,000 barrels per day to average 31.38 million barrels per day, a three-year high, according to OPEC monthly oil market report.

Traders also anticipated more Iran crude would come to the already well-supplied oil market as the sanctions are lifted.

U.S. oil companies added more oil rigs this week despite the collapse in crude prices, marking the second straight week of an up-tick in the rig count.

Data showed a weekly rise of 5 in the number of active U.S. oil drilling rigs to 664, according to oil services company Baker Hughes' Friday report.

The West Texas Intermediate for September delivery moved down 1. 95 U.S. dollars to settle at 45.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 2.69 dollars to close at 49.52 dollars a barrel on the London ICE Future Exchange. Endite