Oil prices drop despite falling supplies
Xinhua, June 25, 2015 Adjust font size:
Oil prices lost Wednesday despite the drop of U.S. crude inventories.
U.S. crude supplies of last week decreased 4.9 million barrels to 463 million, Energy Information Administration said Wednesday in its weekly report.
Inventories at Cushing, Oklahoma, the delivery point for the U. S. contract, lost 1.9 million barrels to 56.2 million barrels.
U.S. crude production gained 15,000 barrels to 9.604 million barrels a day that week. The still high-level domestic crude output dragged the market down.
Traders are eyeing the progress of Greece debt talks. Greek Prime Minister Alexis Tsipras joined a new round of crucial talks in Brussels on Wednesday in the final stretch to reach a deal on the Greek debt by June 30 and avert a Greek default amidst renewed tensions with international lenders.
The West Texas Intermediate for August delivery moved down 74 cents to settle at 60.27 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 96 cents to close at 63.49 dollars a barrel on the London ICE Future Exchange. Endite