Oil prices decline amid global supply build-up

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NEW YORK, Oct. 31 (Xinhua) -- Oil prices extended losses on Thursday, as the market was overshadowed by expected rising output from the Organization of the Petroleum Exporting Countries (OPEC) and a surprising weekly increase of U.S. crude stockpiles.

The West Texas Intermediate for December delivery lost 0.88 U.S. dollar to settle at 54.18 dollars a barrel on the New York Mercantile Exchange.

Brent crude for December delivery fell 0.38 dollar to close at 60.23 dollars a barrel on the London ICE Futures Exchange.

The OPEC produced 29.59 million barrels per day (bpd) in October, up 690,000 from September's level, according to a survey by Reuters released on Thursday.

For the week ending Oct. 25, U.S. commercial crude oil inventories increased 5.7 million barrels from the previous week, the Energy Information Administration reported on Wednesday.

At 438.9 million barrels, U.S. crude oil inventories are about 1 percent above the five-year average for this time of year. Enditem

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