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

Xinhua, August 7, 2015 Adjust font size:

Oil prices fell Thursday as traders worried that global supply might exceed the demand.

The global oversupply is currently running at 2 million barrels a day, compared to 1.8 million during the first six months of the year, according to a report released by Goldman Sachs Thursday.

U.S. crude production added 52,000 barrels to 9.465 million barrels a day that week, according to Energy Information Administration (EIA)'s Wednesday weekly report. The increasing production weighed on the market.

U.S. crude supplies last week decreased 4.4 million barrels to 455.3 million. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract lost 540,000 barrels to 57.16 million barrels.

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

The West Texas Intermediate for September delivery moved down 49 cents to settle at 44.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 7 cents to close at 49.52 dollars a barrel on the London ICE Future Exchange. Endite