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1st LD Writethru: Oil prices fall amid rising inventory

Xinhua, July 23, 2015 Adjust font size:

Oil prices plunged Wednesday as government data showed U.S. crude inventories climbed last week.

U.S. crude supplies of last week added 2.5 million barrels to 463.89 million, said the Energy Information Administration (EIA) in its weekly report on Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U. S. contract rose by 813,000 barrels.

A rally in the U.S. dollar also weighed on the market as stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The dollar index, which measures the greenback against six major peers, was up 0.22 percent to 97.538 in late trading.

The West Texas Intermediate for September delivery moved down 1. 67 U.S. dollars to settle at 49.19 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 1.04 U.S. dollars to close at 56.00 dollars a barrel on the London ICE Future Exchange. Endite