Oil prices settle mixed amid oversupply concerns

NEW YORK, Feb. 13 (Xinhua) -- Oil prices closed mixed on Tuesday as the International Energy Agency (IEA) said global oil supply would outstrip demand this year.

According to a report released by the IEA on Tuesday, fast rising production in non-OPEC (Organization of the Petroleum Exporting Countries) countries, led by the U.S., is likely to grow by more than demand in 2018.

Global oil demand growth for 2018 has been increased slightly to 1.4 million barrels per day (mb/d), partly due to an optimistic gross domestic product (GDP) forecast from the IMF, said the IEA.

On the supply side, the main factor is U.S. oil production. All the indicators that suggest continued fast growth in the U.S. are in perfect alignment; rising prices leading to more drilling, more completions, more production and more hedging.

OPEC, however, said on Monday that world oil demand would grow faster than expected in 2018 because of a healthy world economy, adding a tailwind to the producer group's effort to remove a supply glut by cutting output.

The West Texas Intermediate for March delivery decreased 0.10 U.S. dollar to settle at 59.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.13 dollar to close at 62.72 dollars a barrel on the London ICE Futures Exchange. Enditem