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Oil prices decline on glut concerns

Xinhua, February 3, 2017 Adjust font size:

Oil prices declined Thursday as concerns of rising U.S. production outweighed expectations of output cuts from other major producers.

Crude oil inventories rose an unexpected 6.5 million barrels in the Jan. 27 week to 494.8 million and were up 5 percent from the same period last year, according to data released by U.S. Energy Information Administration on Wednesday. The build in crude inventories far exceeded analysts' expectations for an increase of 3.3 million barrels.

Analysts said investors were concerned about lingering global oil glut, as rising U.S. production will offset some of the output cuts from other major producers.

The West Texas Intermediate for March Delivery erased 0.34 dollars to settle at 53.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.24 dollars to close at 56.56 dollars a barrel on the London ICE Futures Exchange. Endit