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Oil prices ease on oversupply concerns

17 January 2014, 07:17

New York - Global oil prices eased on Thursday in relatively quiet trade as Opec forecast that demand from cartel producers will fall as US production rises.

New York's main contract, West Texas Intermediate for delivery in February, finished at $93.96 a barrel, down 21 cents from Wednesday's close.

Brent North Sea crude for February dipped four cents to settle at $107.09 a barrel in London trade.

The 12-member Organization of the Petroleum Exporting Countries, in its monthly report, said demand for OPEC oil was expected to fall in 2014 as the supply of non-OPEC oil increases by an estimated 1.27 million barrels per day over 2013 to average 55.38 billion barrels per day.

Non-Opec supply growth was revised higher and mainly came from the United States and Canada.

John Kilduff at Again Capital said that traders "are still processing yesterday's weekly (US) inventory report with that big decline in inventories."

Prices had risen on Wednesday in New York following a bigger-than-expected drop in US crude stockpiles that indicated stronger demand in the world's biggest economy and consumer of oil.

"Nonetheless, the underlying (price) trend remains downward given the plentiful supply of the market and the expectation of growing supply from Libya and Iran," Commerzbank analysts said in a note to clients.


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