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1st LD Writethru: Oil prices extend losses amid supply glut

Xinhua, January 13, 2016 Adjust font size:

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

U.S. Energy Information Agency (EIA) said in a report Tuesday that U.S. crude oil production averaged an estimated 9.4 million barrels per day (b/d) in 2015, and it is forecast to average 8.7 million b/d in 2016 and 8.5 million b/d in 2017.

EIA forecast Brent crude oil prices will average 40 dollars in 2016 and 50 dollars in 2017. U.S. crude oil prices will average 2 dollars lower than Brent in 2016 and 3 dollars lower in 2017, it added.

The U.S. dollar increased against most major currencies on Tuesday. The stronger dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for February delivery moved down 97 cents to settle at 30.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 69 cents to close at 30.86 dollars a barrel on the London ICE Futures Exchange. Endit