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U.S. oil price falls amid ample supplies

Xinhua, November 21, 2015 Adjust font size:

U.S. oil price droped Friday as market expected the supply to exceed the demand.

U.S. crude supplies of last week gained 0.3 million barrels to 487.3 million barrels, 106.2 million barrels more than one year ago, according to the US Energy Information Administration's Wednesday weekly report.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract added 1.5 million barrels to 56.85 million barrels.

U.S. crude production added 3,000 to 9.182 million barrels a day last week, according to EIA's report.

Data from oil service company Baker Hughes released Friday showed that the number of active U.S. oil-drilling lost 10 to 564 of this week. But the data failed to boost the market.

Brent crude price gained as Saudi Arabia Oil Minister Ali Bin Ibrahim Al-Naimi said Thursday the country is working with other OPEC members and producers from outside the group to stabilize the market.

The West Texas Intermediate for December delivery moved down 15 cents to settle at 40.39 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 48 cents to close at 44.66 dollars a barrel on the London ICE Futures Exchange. Endit