Oil prices fall amid concerns over supply surplus

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NEW YORK, May 2 (Xinhua) -- Oil prices decreased on Thursday, as investors remained worried about a potential supply glut, due to a surge in U.S. crude stockpiles and some OPEC members' response to U.S. sanctions on Iran's oil.

The United States has begun to embargo Iran's oil exports on Thursday, as Washington had announced earlier that it decided not to reissue sanction waivers.

Yet Iranian Foreign Minister Mohammad Javad Zarif said Thursday that Iran will never bow to the U.S. anti-Iran pressures, Press TV reported.

"We will find a way (to deal with the U.S. pressures). We have done that for 40 years, and will do that now too," Zarif said in the Qatari capital Doha.

In this aspect, Saudi Arabia has said it will increase oil output if needed, so as to offset tightening supplies from Tehran.

Adding to concerns over a rising global supply was a sharp buildup in U.S. crude stockpiles last week.

For the week ending April 26, U.S. commercial crude oil inventories surged by 9.9 million barrels from the previous week, said the U.S. Energy Information Administration in its latest weekly report.

At 470.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year.

The West Texas Intermediate for June delivery decreased 1.79 U.S. dollars to settle at 61.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 1.43 dollars to close at 70.75 dollars a barrel on the London ICE Futures Exchange. Enditem

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