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1st LD Writethru: U.S. oil price rebounds after heavy selloff

Xinhua, August 21, 2015 Adjust font size:

U.S. oil price bounced Thursday as traders bought the dip after the previous day's sharp decline.

U.S. oil price also rose as U.S. dollar slips on Federal Reserve minutes. According to the minutes, most U.S. Fed officials believed conditions for tightening monetary policy were approaching, but they failed to give clear signals on the timing of the first interest rate hike in nearly nine years.

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

Brent oil price was continuously dragged by the ample supplies. In July, the Organization of Petroleum Export Countries (OPEC0 crude production increased by 101,000 barrels per day to average 31.51 million barrels per day, according to OPEC monthly oil market report released Tuesday.

U.S. crude supplies of last week gained 2.6 million barrels to 456.2 million, 93.7 million barrels more than one year before, according to the Energy Information Administration (EIA)'s Wednesday weekly report.

The West Texas Intermediate for September delivery moved up 34 cents to settle at 41.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased 54 cents to close at 46.62 dollars a barrel on the London ICE Future Exchange. Endit