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Oil prices decline on oversupply concerns

Xinhua, April 17, 2017 Adjust font size:

Oil prices settled lower Monday after the long Easter holiday weekend, as worries about a supply glut weighed on the market.

U.S. drillers last week added rigs for a 13th straight week, bringing it to its highest in roughly two years.

According to a report from oil services company Baker Hughes Friday, the U.S. drill rig count climbed to 683 last week, the highest since April 2015.

Analysts said that increasing U.S. crude output has undermined efforts by the Organization of the Petroleum Exporting Countries and other producers to curb output.

The West Texas Intermediate for May delivery decreased 0.53 U.S. dollar to settle at 52.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery fell 0.53 dollar to close at 55.36 dollars a barrel on the London ICE Futures Exchange. Endit