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Oil prices waver narrowly amid supply glut concerns

Xinhua, April 20, 2017 Adjust font size:

Oil prices fluctuated in a tight range Thursday, as investors assessed rising U.S. production against remarks from leading Gulf crude producers that an extension to OPEC-led supply cuts was likely.

U.S. gasoline stockpiles rose by 1.5 million barrels last week, marking the first weekly climb in two months, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

The EIA also forecast earlier this week that crude output at major U.S. shale plays will increase to 5.2 million barrels a day in May.

Overseas, Organization of the Petroleum Exporting Countries (OPEC) members Saudi Arabia and Kuwait signaled that OPEC and other producers, including Russia, would likely extend their oil output cut beyond June, according to media reports.

The West Texas Intermediate for May delivery decreased 0.17 U.S. dollar to settle at 50.27 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery edged up 0.06 dollar to close at 52.99 dollars a barrel on the London ICE Futures Exchange. Endit