Oil prices fall on oversupply concerns

2017-03-20 22:19:53 GMT2017-03-21 06:19:53(Beijing Time) Xinhua English

NEW YORK, March 20 (Xinhua) -- Oil prices ended lower on Monday after rising U.S. rig count triggered market concern over global oil glut.

U.S. rigs classified as drilling for oil are up 14 last week from the week before to 631, the highest level since September 2015, said the oilfield service company Baker Hughes on Friday.

Analysts said the oil prices were under pressure as rising output also weighed on the production reduction by the Organization of the Petroleum Exporting Countries and its allies.

The West Texas Intermediate for April Delivery erased 0.56 U.S. dollars to settle at 48.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.14 dollars to close at 51.62 dollars a barrel on the London ICE Futures Exchange.

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