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1st LD Writethru: Oil prices extend loss amid ample supplies

Xinhua, February 6, 2016 Adjust font size:

Oil prices continued to retreat Friday as market expected the global supplies to exceed the demand.

U.S. crude supplies of last week gained 7.8 million barrels to 502.7 million barrels, 89.7 million barrels more than one year before, according to the weekly report issued by U.S. Energy Information Agency (EIA).

U.S. crude production lost 7,000 to 9.214 million barrels a day last week, according to the EIA report.

The downbeat job data from U.S. also weighed on the market. The U.S. Labor Department reported Friday that total nonfarm payroll employment rose by 151,000 in January, well below market consensus of 188,000.

The unemployment rate edged down to 4.9 percent in January, dipping below 5 percent for the first time since 2008.

The West Texas Intermediate for March delivery moved down 83 cents to settle at 30.89 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 40 cents to close at 34.06 dollars a barrel on the London ICE Futures Exchange. Endit