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1st LD Writethru: Oil prices decline amid supply glut

Xinhua, January 8, 2016 Adjust font size:

Oil prices continued to fall Thursday as market expected the supply to surpass demand.

It is reported that Saudi Arabia is considering the going public of its state-owned oil giant Saudi Aramco.

Market worried that the largest oil company in terms of crude production and exports would use the IPO capital to expand oil output.

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

Thanks to U.S. shale oil revolution, American oil production has almost doubled in the past six years. There is no sign that the country's shale oil producers have started reducing production in the face of plunging prices.

The West Texas Intermediate for February delivery moved down 70 cents to settle at 33.27 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 48 cents to close at 33.75 dollars a barrel on the London ICE Futures Exchange. Endit