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Oil prices plunge amid supply glut worries

Xinhua, September 29, 2015 Adjust font size:

Oil prices fell Monday as traders worried that global supplies exceed the demand.

For the week ended Sept. 18, U.S. crude production added 19,000 barrels to 9.136 million barrels a day, according to the recent weekly report of the Energy Information Administration.

U.S. crude supplies of that week dropped 1.9 million barrels to 454 million barrels, 96 million barrels more than one year before. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 0.5 million barrels to 54 million barrels.

New York Federal Reserve President William Dudley on Monday said the Fed remains on track for a likely rate hike this year.

Traders worried that the U.S. dollar would increase against most major currencies after the interest-rate hike. A stronger dollar will make the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for November delivery moved down 1.27 U.S. dollars to settle at 44.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 1.26 dollars to close at 47.34 dollars a barrel on the London ICE Future Exchange. Endit