1st LD Writethru: Oil prices continue to rise
Xinhua, September 1, 2015 Adjust font size:
Oil prices extended the rally Monday for the third day as worries of supply glut eased.
The U.S. Energy Information Agency (EIA) estimated Monday U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure.
Production estimates released by the EIA for January through May were revised downward by 40,000 b/d to 130,000 b/d.
The Organization of the Petroleum Exporting Countries on Monday voiced concern about the impact of low crude prices to the petroleum industry.
"Today's continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its Members --indeed for all stakeholders in the industry," OPEC said in a bulletin.
The West Texas Intermediate for October delivery moved up 3.98 U.S. dollars to settle at 49.2 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 4.1 dollars to close at 54.15 dollars a barrel on the London ICE Future Exchange. Endit