Oil prices decline as global glut concerns linger
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NEW YORK, Jan. 17 (Xinhua) -- Oil prices declined on Thursday as investors continued to worry about a global glut, which is fueled by rising U.S. crude output.
At 437.1 million barrels, U.S. crude oil inventories are about 8 percent above the five year average for this time of year, according to the latest data released by the Energy Information Administration.
The administration added that U.S. crude production rose to 11.9 million barrels per day last week.
The West Texas Intermediate for February delivery declined 0.24 U.S. dollar to settle at 52.07 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.14 dollar to close at 61.18 dollars a barrel on the London ICE Futures Exchange. Enditem
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