Oil prices decline amid rising U.S. crude production

NEW YORK, June 1 (Xinhua) -- Oil prices settled lower on Friday as rising crude output in the United States weighed on the market.

The number of rigs operating in U.S. oil fields added by 2 to a total of 861 rigs this week, marking the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday.

The U.S. Energy Information Administration (EIA) reported Thursday that U.S. crude production rose 2.1 percent from the February reading to 10.474 million barrels a day in March. It was up 14.6 percent from March 2017.

Meanwhile, traders have been paying close attention to reports surrounding the intentions of Organization of the Petroleum Exporting Countries (OPEC) and other major producers outside the cartel, particularly Russia, who were said to be weighing a boost to output.

The West Texas Intermediate for July delivery fell 1.23 U.S. dollars to settle at 65.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 0.77 dollar to close at 76.79 dollars a barrel on the London ICE Futures Exchange. Enditem