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Oil prices fall amid rising supplies

Xinhua, April 3, 2017 Adjust font size:

Oil prices ended lower on Monday amid rising supplies from oil fields in Libya and the United States.

The U.S. rigs classified as drilling for oil are up 10 to 662 this week, according to statistics released by oilfield service firm Baker Hughes on Friday.

Media reports said on Monday that Libya's Sharara oil field, the country's largest, resumed production on Sunday after a week-long disruption.

Analysts pointed out that the rising output intensified market concerns about global oil oversupply and weighed on the oil prices on Monday.

The West Texas Intermediate for May Delivery lost 0.36 U.S. dollars to settle at 50.24 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 0.41 dollars to close at 53.12 dollars a barrel on the London ICE Futures Exchange. Enditem