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Oil prices tumble on global supply glut

Xinhua, May 4, 2017 Adjust font size:

Oil prices plunged Thursday as worries about oversupplies dampened investors' sentiment.

U.S. crude output rose by 28,000 barrels to 9.293 million barrels a day last week, said the Energy Information Administration (EIA) in its weekly report Wednesday.

Meanwhile, U.S. oil stockpiles decreased 930,000 barrels last week, much less than analysts had expected, according to the EIA.

The Organization of the Petroleum Exporting Countries was also in focus, which is set to decide whether to extend the pact into the second half of the year, when it meets on May 25 in Vienna, Austria.

The West Texas Intermediate for June delivery dropped 2.30 U.S. dollars to settle at 45.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery lost 2.41 dollars to close at 48.38 dollars a barrel on the London ICE Futures Exchange. Endit