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1st LD Writethru: Oil prices climb as U.S. stocks stabilize

Xinhua, September 4, 2015 Adjust font size:

Oil prices gained Thursday as the rebound of U.S. equity market bolstered investors' optimism for the economic growth of the world's largest crude-consuming nation.

The West Texas Intermediate for October delivery moved up 50 cents to settle at 46.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 18 cents to close at 50.68 dollars a barrel on the London ICE Future Exchange.

In the previous session, oil prices hiked despite government report showed that U.S. crude stockpiles increased last week.

U.S. crude supplies of last week climbed 4.7 million barrels to 455.4 million, 95.9 million barrels more than one year before, according to the weekly report of the Energy Information Administration (EIA) Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 0.4 million barrels to 57.3 million barrels.

U.S. crude production fell 119,000 barrels to 9.219 million barrels a day that week. The declining output data gave market some support. Endit