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Oil prices fall on ample supplies

Xinhua, November 10, 2015 Adjust font size:

Oil prices continued its retreat on Monday as oversupplies weighed on the market.

The Organization of Petroleum Exporting Countries(OPEC), accounting for around 40 percent of the global crude output, pumped more than its collective quota of 30 million barrels per day in October.

U.S. crude supplies gained 2.8 million barrels to 482.8 million barrels by the week ending Oct. 30, 102.6 million barrels more than one year before, according to U.S. Energy Information Administration (EIA)'s recent weekly report.

U.S. crude production also added 48,000 to 9.16 million barrels a day during the same period, according to the report.

The U.S. benchmark, the West Texas Intermediate for December delivery, moved down 42 cents to settle at 43.87 dollars a barrel on the New York Mercantile Exchange. The global benchmark, Brent crude for December delivery, decreased 23 cents to close at 47.19 dollars a barrel on the London ICE Futures Exchange. Endit