Oil prices ease on oversupply concerns

17-Jan-14

New York's main contract, West Texas Intermediate for delivery in February, dipped to US$93.9, while Brent North Sea crude for February dipped to US$107 in London. Oil prices have eased amid lackluster markets on forecast by OPEC that demand from cartel producers will fall, as per AFP. 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 mln bpd over 2013 to average 55.38 bln bpd. Non-OPEC supply growth was revised higher and mainly came from the United States and Canada.