Oil prices down amid concerns about rising output
Xinhua,January 20, 2018 Adjust font size:
NEW YORK, Jan. 19 (Xinhua) -- Oil prices fell Friday, as an increase in U.S. production weighed on the market.
The International Energy Agency (IEA), in its monthly report, warned that rapid increasing production in the United States could threaten market balancing.
On the economic front, the number of rigs operating in U.S. oil fields is down 5 at 747, but gas rigs are up 2 to 189, according to oilfield service firm Baker Hughes' weekly report released Friday.
Meanwhile, media reported Bank of America Merrill Lynch and Morgan Stanley both upped their forecasts for crude prices earlier this week, while Goldman Sachs said the risks of prices overshooting its current targets are mounting.
The West Texas Intermediate for January delivery decreased 0.58 U.S. dollar to settle at 63.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 0.70 dollar to close at 68.61 dollars a barrel on the London ICE Futures Exchange. Enditem