Oil prices drop

New York, Sep 15 (IANS) Oil prices lost on Monday as global stock markets went low.

Traders were depressed by the lose in global stocks market on Monday, reports Xinhua.

Wall Street economists are split on whether the Fed will raise rates Thursday, with a small majority forecasting no rate rise at the meeting, according to the Wall Street Journal.

The Organization of Petroleum Exporting Countries (OPEC)’ crude production averaged 31.54 million barrels per day (mb/d), according to OPEC monthly oil market report released on Monday.

Non-OPEC oil supply is expected to grow by 0.88 mb/d in 2015, following a downward revision of around 72,000 barrels per day (tb/d), due to lower-than-expected output in the US. In 2016, non- OPEC oil supply is expected to increase slightly by 0.16 mb/d.

In 2015, world oil demand growth is expected to be around 1.46 mb/d after an upward revision of around 84 tb/d, mainly to reflect better-than-expected data from OECD region.

The West Texas Intermediate for October delivery moved down 63 cents to settle at $44 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased $1.77 to close at $46.37 a barrel on the London ICE Future Exchange.

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