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1st LD Writethru: Oil prices steady ahead of U.S. inventories data

Xinhua, April 29, 2015 Adjust font size:

Oil prices stabilized Tuesday as market awaited U.S. crude inventories data to be released Wednesday.

U.S. Energy Information Administration on Wednesday will release its weekly report on stockpiles, giving more clues about the trend of the crude market.

The continued build-up in crude stockpiles dragged down crude oil prices worldwide.

For the week ended April 17, U.S. crude supplies increased 5.3 million barrels to 489 million, 91.3 million barrels more than a year earlier. Inventories at Cushing, Oklahoma, the delivery point for the contract, gained 740,000 barrels to 62.2 million barrels.

During the same period, U.S. crude production decreased 18,000 barrels to 9.366 million barrels a day, still at historic high level.

Prince Abdulaziz bin Salman, deputy oil minister of Saudi Arabia, said Tuesday that the country is interested in maintaining its share in the market and interested in keeping its customers.

Traders are also closely watching the conclusion of the two-day U.S. Federal Reserve meeting, starting Tuesday.

Light, sweet crude for June delivery gained 7 cents to settle at 57.06 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery moved down 19 cents to close at 64.64 dollars a barrel. Endite