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Oil prices drop on ample supplies

Xinhua, November 14, 2015 Adjust font size:

Oil prices fell Friday as market expected global supplies to exceed the demand.

Data from oil service company Baker Hughes released Friday showed that the number of active U.S. oil-drilling added 2 to 574 of this week.

The Organization of Petroleum Exporting Countries (OPEC)'s crude production averaged 31.38 million barrels per day (mb/d), according to OPEC's monthly oil market report.

OPEC estimated demand for its crude in 2015 remains at 29.6 mb/d, an increase of 0.6 mb/d from the previous year. In 2016, demand for OPEC crude is forecast at 30.8 mb/d.

U.S. crude supplies of last week gained 4.2 million barrels to 482.7 million barrels, exceeding market's expectation and 108.6 million barrels more than the previous year, according to EIA's Thursday weekly report.

U.S. crude production added 25,000 to 9.185 million barrels a day last week, according to EIA's report.

The West Texas Intermediate for December delivery moved down 1.01 U.S. dollars to settle at 40.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 0.45 dollars to close at 43.61 dollars a barrel on the London ICE Futures Exchange. Endit