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Oil prices slip on global oil glut

Xinhua, November 11, 2016 Adjust font size:

U.S. oil price declined on Thursday as investors shifted focus from Donald Trump's victory of the U.S. presidential election to rising concerns over global oil glut.

The International Energy Agency (IEA) raised its forecast of oil output from countries outside the Organization of Petroleum Exporting Countries (OPEC) next year on Thursday.

IEA said non-OPEC nations will see a production growth of nearly 500,000 barrels a day, an increase of 110,000 from the agency's estimate last month.

"This means that 2017 could be another year of relentless global supply growth similar to that seen in 2016," it said.

In the previous session, the Energy Information Administration (EIA) said in its weekly report that U.S. crude oil inventories rose 2.4 million barrels in the Nov. 4 week to 485.0 million, higher than market consensus.

The West Texas Intermediate for December delivery lost 0.61 U.S. dollars to settle at 44.66 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 0.52 dollar to close at 45.84 dollars a barrel on the London ICE Futures Exchange. Enditem