Oil prices retreat on renewed oversupply concerns

Updated 2017-10-07 11:01:53 Xinhua

Oil prices tumbled Friday as the return of oversupply worries weighed on the market.

Oil prices rebounded strongly Thursday as Saudi King Salman and Russian President Vladimir Putin in Moscow discussed extending Russia's participation in an agreement to cut global crude output.

But on Friday, Russia clarified remarks on the oil market made by Putin earlier, saying he did not propose extending a global oil output cut deal but said he recognized it was a possibility, according to the Reuters.

On the data front, the number of rigs operating in U.S. oil fields fell by 2 to a total of 748 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for November delivery decreased 1.50 U.S. dollars to settle at 49.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 1.38 dollars to close at 55.62 dollars a barrel on the London ICE Futures Exchange.

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