Markets > Commodities

Oil prices plunge amid increased global supply

Xinhua Financein NEW YORK
2018-11-02 08:54

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Oil prices extended further losses on Thursday, setting the decline on track for the fourth consecutive week, as global supply continued to rise from world's major oil producers.

The U.S. Energy Information Administration on Wednesday reported a buildup of the country's crude stockpiles for a sixth straight week, with commercial crude oil inventories going up by 3.2 million barrels last week.

The Organization of the Petroleum Exporting Countries boosted oil production in October to its highest level since 2016, with the United Arab Emirates and Libya taking the lead, according to a Reuters survey on Wednesday.

Analysts believed that the supply increase has offset the negative impact and declines in Iranian shipments caused by new U.S. sanctions on Iran to be effective on Nov. 4.

The West Texas Intermediate for December delivery dropped 1.56 U.S. dollars to settle at 63.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 2.07 dollars to 72.97 dollars a barrel on the London ICE Futures Exchange.
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