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1st LD Writethru: U.S. oil prices drop amid ample supplies

Xinhua, July 9, 2015 Adjust font size:

U.S. oil prices fell Wednesday after government data showed that U.S. inventories added last week.

U.S. crude supplies last week increased 0.4 million barrels to 465.8 million, 83.2 million barrels more than one year before, according to the weekly report of the Energy Information Administration (EIA) Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U. S. contract, added 0.3 million barrels to 56.7 million barrels.

U.S. crude production gained 9,000 barrels to 9.604 million barrels a day that week. High level domestic crude output also dragged the market down.

Traders are following closely the progress of Greece debt crisis. A deal to tackle the Greek debt crisis should be sealed by the end of this week, Greek Prime Minister Alexis Tsipras said Tuesday night after a eurozone summit in Brussels.

The West Texas Intermediate for August delivery moved down 68 cents to settle at 51.65 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 20 cents to close at 57.05 dollars a barrel on the London ICE Future Exchange. Endite