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1st LD Writethru: U.S. crude price flat ahead of inventory data

Xinhua, March 25, 2015 Adjust font size:

U.S. oil price inched up a little on Tuesday ahead of the country's crude stockpile data due out Wednesday.

U.S. Energy Information Administration (EIA) Wednesday will publish its report on crude inventory for the week ended March 20. It is expected to show another increase after prior week's record stockpile.

U.S. crude supplies at the week ended March 13 increased 9.6 million barrels to 458.5 million, 82.7 million barrels more than a year earlier, according to EIA.

Meanwhile, inventories at Cushing, Oklahoma, the delivery point for the contract, gained 2.9 million barrels to 54.4 million barrels. U.S. crude production reached 9.419 million barrels a day, the highest level since 1983.

Oil prices gained for the past two trading days as U.S. dollar depreciated against other currencies. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies

Light, sweet crude for May delivery gained 0.06 U.S. dollars to settle at 47.51 dollars a barrel on the New York Mercantile Exchange,while Brent crude for May delivery moved down 0.81 dollars to close at 55.11 dollars a barrel. Endite