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Oil prices extend losses amid supply glut

Xinhua, April 18, 2017 Adjust font size:

Oil prices declined Tuesday as U.S. shale oil output in May is expected to keep rising.

U.S. crude production at major shale plays is forecast to increase to 5.2 million barrels a day in May, according to a report released Tuesday by the Energy Information Administration.

Some analysts said that more oil output could be on their way to market from U.S. shale fields as financial companies are investing billions in production.

The West Texas Intermediate for May delivery decreased 0.24 U.S. dollar to settle at 52.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.47 dollar to close at 54.89 dollars a barrel on the London ICE Futures Exchange. Endit