Oil prices fell on Thursday as the global market has remained bearish following October's downturn amid worries of potential supply glut from world's major oil producers.
The U.S. Energy Information Administration projected in a Wednesday weekly report that U.S. oil production will average 12.1 million barrels per day in 2019, higher than its previous forecast. The report also posted a seventh consecutive increase of U.S. crude oil stockpile last week, up 5.8 million barrels.
Major market players are also grappling with the possible supply surplus, as OPEC is reportedly considering cutting oil productions again next year following the output curbs issued in 2017. Russia and Saudi Arabia have reportedly started bilateral discussions over the potential output cuts in 2019, according to Russia's TASS news agency.
Meanwhile, investors sentiment is clouded by uncertainty over how oil demand would develop, as some industry insiders predicted deteriorating demand.
The West Texas Intermediate for December delivery dropped 1 U.S. dollar to settle at 60.67 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down 1.42 dollars to close at 70.65 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
