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1st LD Writethru: Oil prices drop amid ample supplies

Xinhua, July 16, 2015 Adjust font size:

Oil prices plunged Wednesday as government report showed U.S. crude production still maintained at its high level.

U.S. crude production was little changed and registered at 9. 562 million barrels a day last week, according to Energy Information Administration's weekly report released Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U. S. contracts, were added 440,000 barrels to 57.1 million barrels.

Iran and six world major countries have adopted an agreement on the Iranian nuclear issue Tuesday. The related economic and financial sanctions will be terminated all at once under a UN resolution and in an agreed framework.

Traders worried that more Iran crude would come to the already well-supplied oil market.

Oil prices lost also as U.S. dollar appreciated against other currencies as Federal Reserve Chair Janet Yellen indicated an interest-rate hike later this year.

A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for August delivery moved down 1.63 U.S. dollars to settle at 51.41 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 1.46 dollars to close at 57.05 dollars a barrel on the London ICE Future Exchange. Endite