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Oil prices decline amid oversupply worries

Xinhua, March 1, 2017 Adjust font size:

Oil prices ended lower on Tuesday as investors amid rising concerns about U.S. oil oversupply.

U.S. crude inventories have been rising for seven consecutive weeks, and market forecast that an eighth build of 2.9 million barrels occurred last week.

U.S. rigs classified as drilling for oil are up 5 to 602 last week, according to data released by oilfield service company Baker Hughes on Friday. It was the first time U.S. oil rigs topped 600 since October 2015.

Analysts said the data fueled worries that global crude oil glut may be intensified.

The West Texas Intermediate for April Delivery lost 0.04 dollars to settle at 54.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.34 dollars to close at 55.59 dollars a barrel on the London ICE Futures Exchange. Enditem