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Oil prices decline on supply glut concerns

Xinhua, April 27, 2017 Adjust font size:

Oil prices settled lower Thursday as worries about a global supply glut continued to weigh on the market.

Libya's 300,000 barrels per day (bpd) Sharara oilfield and 90,000 bpd El Feel oilfield have restarted after the end of protests that had blocked pipelines there, according to the Reuters Thursday.

Oil prices suffered big losses over the past two weeks on rising U.S. crude output. U.S. crude production at major shale plays is forecast to increase to 5.2 million barrels a day in May, according to an official report.

The West Texas Intermediate for June delivery fell 0.65 U.S. dollar to settle at 48.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery fell 0.38 dollar to close at 51.44 dollars a barrel on the London ICE Futures Exchange. Endit