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1st LD Writethru: Oil prices decline amid rising U.S. production

Xinhua, January 7, 2016 Adjust font size:

Oil prices fell Wednesday as U.S. crude output of last week increased unexpectedly.

U.S. crude production added 17,000 to 9.219 million barrels a day last week, said the U.S. Energy Information Agency (EIA) in its weekly report on Wednesday.

There is no signs that U.S. shale oil producers started to cut production in face of the plunging prices, adding to investors' worries.

Due to the U.S. shale oil revolution, American oil production has almost doubled in the past six years.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract added 0.9 million barrels to 63.9 million barrels, according to the report.

The West Texas Intermediate for February delivery moved down 2 U.S. dollars to settle at 33.97 dollars a barrel on the New York Mercantile Exchange, the lowest close since December 2008. Brent crude for February delivery decreased 2.19 dollars to close at 34.23 dollars a barrel on the London ICE Futures Exchange, the lowest close since June 2004. Enditem