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1st LD Writethru: Oil prices dive as U.S. output increases

Xinhua, April 9, 2015 Adjust font size:

Crude prices plunged Wednesday as a U.S. government report showed that crude production increased 18, 000 barrels to 9.404 million barrels a day last week, according to the Energy Information Administration (EIA).

Meanwhile, U.S. crude supplies of the week ending on April 3 increased 10.9 million barrels to 482.4 million, 98.3 million barrels more than a year earlier.

Inventories at Cushing, Oklahoma, the delivery point for the contract, gained 1.2 million barrels to 60.2 million barrels.

Saudi Arabia had pumped around 10.3 million barrels per day in March, marking an increase from previous months, said the country' s Oil Minister Ali al-Naimi Tuesday.

The minister said that the kingdom stood ready to "improve" prices but only if producers outside of the Organization of the Petroleum Exporting Countries (OPEC) joined the effort.

The OPEC decided to maintain its collective output quota at 30 million barrels a day at the Nov. 27 meeting in Vienna.

Light, sweet crude for May delivery lost 3.56 dollars to settle at 50.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery moved down 3.55 dollars to close at 55.55 dollars a barrel. Endite