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1st Ld Writethru: Oil prices rebound after heavy selloff

Xinhua, August 13, 2015 Adjust font size:

Oil prices bounced Wednesday as traders bought the dip after prior day's sharp decline.

Oil prices gained as the U.S. dollar slumped Wednesday. A weaker dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

U.S. crude supplies of last week decreased 1.7 million barrels to 453.6 million, up 86.6 million barrels from one year before, according to the Energy Information Administration's weekly report released Wednesday.

U.S. crude production fell 70,000 barrels to 9.395 million barrels a day that week.

Oil prices dived Tuesday as crude output from the Organization of the Petroleum Exporting Countries increased in July.

The West Texas Intermediate for September delivery moved up 22 cents to settle at 43.3 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 48 cents to close at 49.66 dollars a barrel on the London ICE Future Exchange. Endite