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1st LD Writethru: Oil prices drop amid ample supplies

Xinhua, December 19, 2015 Adjust font size:

Oil price continued to fall Friday as data signaled that U.S. crude output is not contracting.

Data released by oil service company Baker Hughes Friday showed that the number of active U.S. oil-drilling gained 17 to 541 this week.

The rig data dragged the market as traders believed that U.S. oil companies didn't cut the production in face of the low oil prices.

U.S. crude production added 12,000 barrels to 9.176 million barrels a day last week, according to the weekly report issued by the U.S. Energy Information Agency Wednesday.

U.S. crude supplies of last week gained 4.8 million barrels to 490.7 million barrels, 110.7 million barrels more than one year before.

The West Texas Intermediate for January delivery moved down 22 cents to settle at 34.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 18 cents to close at 36.88 dollars a barrel on the London ICE Futures Exchange. Enditem