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Oil prices fall amid supply glut worries

Xinhua, May 24, 2016 Adjust font size:

Oil prices ended lower Monday as Iran vowed to increase oil exports.

Iran's Deputy Oil Minister Rokneddin Javadi said that the country's crude exports would reach 2.2 million barrels per day (bpd) by the middle of summer from 2 million bpd now, according to media reports Monday.

His comments dampened hopes for a coordinated decision to freeze OPEC (Organization of the Petroleum Exporting Countries) oil production at a meeting of the exporter group in Vienna, Austria, on June 2.

In another sigh that the oil market will remain oversupplied, US oil rig count stayed unchanged last week after notching an eight-week losing streak, oil service company Baker Hughes said Friday.

The West Texas Intermediate for July delivery fell 33 cents to settle at 48.08 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 37 cent to close at 48.35 dollars a barrel on the London ICE Futures Exchange. Endit