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Oil prices retreat on oversupply concerns

Xinhua, May 1, 2017 Adjust font size:

Oil prices declined Monday as worries about a global supply glut continued to weigh on the market.

In the week ending April 28, the number of rigs operating in the U.S. fields rose for a fifteenth straight week, implying that further gains in U.S. oil production could be ahead, said oilfield service company Baker Hughes Friday.

The recovery in Libyan oil production also dampened investor sentiment. Libya's 300,000 barrels per day (bpd) El Sharara oilfield and 90,000 bpd El Feel oilfield have restarted after the end of protests that had blocked pipelines there.

The West Texas Intermediate for June delivery fell 0.49 U.S. dollar to settle at 48.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 0.53 dollar to close at 51.52 dollars a barrel on the London ICE Futures Exchange. Endit