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1st LD Writethru: Oil prices surge as U.S. output declines

Xinhua, April 2, 2015 Adjust font size:

Crude prices jumped Wednesday as a government inventory report showed that U.S. crude output dropped last week for the first time since January.

U.S. crude production decreased 36,000 barrels to 9.386 million barrels a day last week, according to Energy Information Administration.

U.S. crude supplies of the week end March 27. U.S. increased 4. 8 million barrels to 471.4 million, 91.4 million barrels more than a year earlier, the report showed.

The number of U.S. rigs actively drilling for oil and natural gas as of Mar. 27 fell 21 rigs to 1,048, reported oil service company Baker Hughes last Friday. Analysts believed that low crude prices forced U.S. shale oil producers to slow down the output.

Meanwhile, the stalled progress of negotiations over Iran's nuclear program also gave oil some boost.

On Tuesday, world powers and Iran extended the deadline until Wednesday as they struggled to secure a preliminary deal to limit Tehran's nuclear program. Analysts expected that Iran could raise the crude exports by 1 million barrels a day if Western sanctions were lifted.

Light, sweet crude for May delivery gained 2.49 U.S. dollars to settle at 50.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery moved up 1.99 dollars to close at 57.1 dollars a barrel. Endite