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Oil prices extend losses amid supply glut

Xinhua, January 9, 2016 Adjust font size:

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

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

Thanks to the shale oil revolution in the United States, American oil production has almost doubled in the past six years. There is no sign that U.S. shale oil producers started to cut production in face of the plunging prices.

The Organization of Petroleum Exporting Countries decided to keep crude production pumping at the current level in the already oversupplied market last December.

The West Texas Intermediate for February delivery moved down 11 cents to settle at 33.16 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 20 cents to close at 33.55 dollars a barrel on the London ICE Futures Exchange. Endit