Oil prices continue to rise

New York: Oil prices extended their rally on Monday for the third day as worries of supply glut eased, a media report said.

The US Energy Information Agency (EIA) estimated on Monday US crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure, Xinhua reported.

Production estimates released by the EIA for January through May were revised downward by 40,000 b/d to 130,000 b/d.

The Organisation of the Petroleum Exporting Countries (OPEC) on Monday voiced concern about the impact of low crude prices on the petroleum industry.

“Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members –indeed for all stakeholders in the industry,” the OPEC said in a bulletin.

The West Texas Intermediate for October delivery moved up $3.98 to settle at $49.2 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased $4.1 to close at $54.15 a barrel on the London ICE Future Exchange.