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1st LD Writethru: Oil prices drop despite U.S. inventories fall

Xinhua, August 27, 2015 Adjust font size:

Oil prices tumbled Wednesday despite the fact that government report showed that U.S. crude stockpiles of last week decreased.

U.S. crude supplies of last week lost 5.5 million barrels to 450.8 million, up 90.3 million barrels from a year ago, according to a weekly report released by Energy Information Administration (EIA) Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, added 0.25 million barrels to 57.7 million barrels.

U.S. crude production fell 11,000 barrels to 9.337 million barrels a day that week.

Oil prices fell too as the U.S. dollar appreciated against other currencies. A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for October delivery moved down 71 cents to settle at 38.6 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 7 cents to close at 43.14 dollars a barrel on the London ICE Future Exchange. Endit