Oil prices retreated further Wednesday after the Organization of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs.
According to OPEC's latest monthly report released Wednesday, OPEC's oil production in September climbed to the highest level in at least eight years. The group produced 33.39 million barrels per day (bpd) last month, up 220,000 bpd from August.
Meanwhile, in September, global oil supply hit 97.2 million barrels a day, 600,000 barrels more than the previous month and 200,000 barrels a day higher than the corresponding month a year ago, the International Energy Agency (EIA) said reported Tuesday.
A stronger U.S. dollar also made the greenback-dominated oil less attractive for holders of other currencies.
The dollar index, which measures the greenback against six major peers, was up 0.22 percent at 97.902 in late trading Wednesday.
The West Texas Intermediate for November delivery fell 0.61 U.S. dollar to settle at 50.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 0.60 dollar to close at 51.81 dollars a barrel on the London ICE Futures Exchange.
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