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Oil prices extend losses on oversupply concerns

Xinhua, October 18, 2016 Adjust font size:

Oil prices retreated further Monday, as worries about a global supply glut weighed on the market.

Libyan output expanded to 560,000 barrels a day, up from 540,000 last week, and Iran repeated plans to boost production to 4 million barrels a day, while Nigeria aims to raise output by 400,000 barrels a day to 2.2 million, according to the Bloomberg Monday.

Meanwhile, oilfield services company Baker Hughes reported Friday that the number of rigs operating in U.S. fields rose by 4 to 432 last week, marking the 15th increase in the past 16 weeks.

Traders will also watch closely for the weekly U.S. crude inventories and production data scheduled for release Wednesday.

The West Texas Intermediate for November delivery fell 0.41 U.S. dollar to settle at 49.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 0.43 dollar to close at 51.52 dollars a barrel on the London ICE Futures Exchange. Enditem