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1st LD Writethru: Oil prices retreat from surge

Xinhua, January 26, 2016 Adjust font size:

Oil prices fell Monday after a rally of last week as the supply glut continued to weigh on the market.

Oil prices skyrocketed last week for about 10 percent on the hope that stimulus from Eurozone and frigid weather across the United States will lift the demand. Traders took profits Monday after the surge.

The European Central Bank (ECB) announced on Thursday that its key interest rates would remain unchanged at record low levels. ECB President Mario Draghi's comments suggested the central bank is willing to offer more stimulus at its next meeting in March.

Persistent oversupply, bloated inventories and a slew of negative economic news continued to pressure crude prices.

Saudi Aramco, the world's biggest oil exporter, maintained its investments despite cutting costs in face of the lower crude prices. The chairman of the company said Monday that its investment in oil capacity has not slowed down.

The West Texas Intermediate for March delivery moved down 1.85 U.S. dollars to settle at 30.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 1.68 dollars to close at 30.5 dollars a barrel on the London ICE Futures Exchange. Endit