Feb 22 (Reuters) - U.S. oil and gas producer EOG Resources reported a fall in its fourth-quarter profit on Thursday, hurt by lower commodity prices.

Concerns over global demand capped gains in oil prices throughout the reported quarter, with West Texas Intermediate prices declining nearly 1% on an average, compared to the year-ago quarter.

Its average crude oil and condensate prices for the quarter ended Dec. 31 was $80.60 per barrel, compared with $85.67 per barrel, last year.

However, production rose to 1.03 million barrels of oil equivalent per day (boepd), compared with 909,100 boepd in the year-ago quarter.

The Houston, Texas-based company's net income fell to $1.99 billion, or $3.42 per share, in the quarter, from $2.28 billion, or $3.87 per share a year ago. (Reporting by Sourasis Bose in Bengaluru; Editing by Pooja Desai)