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1st LD Writethru: Oil prices rise on drop of supply forecast

Xinhua, June 3, 2015 Adjust font size:

Oil prices gained Tuesday as market expected another drop of U.S. crude inventories.

The U.S. Energy Information Administration (EIA) Wednesday will publish its report on crude data of last week. Traders wanted to find more clues about the crude market from this report.

For the week ended on May 29, U.S. crude supplies decreased 2.8 million barrels to 479.4 million, 86.4 million barrels more than a year earlier, according to EIA. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract lost 430,000 barrels to 60.01 million barrels. U.S. crude production rose 304,000 barrels to 9.566 million barrels a day.

Analysts are keeping an eye on the Oil Petroleum Exporting Countries (OPEC)'s June 5 meeting. There is no sign that the cartel will cut output quota at this meeting.

The cartel maintained its output quota of 30 million barrels per day at its November meeting.

Light, sweet crude for July delivery moved up 1.06 U.S. dollars to settle at 61.26 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 61 cents to close at 65.49 dollars a barrel. Endite