1st LD Writethru: Oil prices plunge amid increasing output

Oil prices dived Monday as data showed the output from the Organization of the Petroleum Exporting Countries (OPEC) added in September.

In September, the OPEC crude production increased by 109 thousand barrels per day to average 31.57 million barrels per day, according to a monthly oil market report released by the OPEC Monday. It the highest output level since 2012.

Non-OPEC oil supply growth in 2015 now stands at 0.72 million barrels per day, following a downward revision of 0.16 million barrels per day from the previous report, which was attributed mainly to a downward adjustment in the U.S., according to the report.

For the year of 2016, non-OPEC oil supply is expected to show a clear contraction of 0.13 million barrels per day, following a downward revision of 0.29 million barrels per day when compared to the previous assessment.

The OPEC forecast that the crude demand of the cartel this year is estimated to stand at 29.6 million barrels per day, 0.3 million barrels per day higher than the previous report.

The West Texas Intermediate for November delivery moved down 2.53 U.S. dollars to settle at 47.1 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 2.79 dollars to close at 49.86 dollars a barrel on the London ICE Future Exchange. Endit