Off the wire
• Urgent: U.S. stocks extend losses amid jobs report  • Refugee crisis in Greece requires urgent humanitarian response: UN agency  • Some 80 pct of fires in Albania caused by ignorance of fire restrictions  • Foreign exchange rate of Euro to other currencies  • Germany's benchmark DAX index closes down  • U.S. to keep antidumping duty orders on diamond sawblades from China  • Diplomatic ties between Madagascar, France strained over Indian Ocean games  • UN, aid agencies stepping up response in wake of Myanmar floods  • U.S. dollar mixed amid job data  • S. African citizens trapped in Mali after hotel attack  
You are here: 　 Home

Oil prices drop on more U.S. supplies

Xinhua, August 8, 2015 Adjust font size:

Oil prices fell Friday as U.S. production continued to add despite price collapse.

U.S. oil companies added more oil rigs this week despite the plunge in crude prices, marking the third straight week of an uptick in the rig count.

Data showed a weekly rise of 6 in the number of active U.S. oil drilling rigs to 670, according to oil services company Baker Hughes' Friday report.

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

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

The West Texas Intermediate for September delivery moved down 79 cents to settle at 43.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 91 cents to close at 48.61 dollars a barrel on the London ICE Future Exchange. Endite